The Bangko Sentral ng Pilipinas will stop accepting new digital bank applications after Nov. 30.
The Monetary Board approved the freeze on Sept. 18, which takes effect Dec. 1 and will remain until market conditions warrant reopening.
This move is part of the BSP’s effort to balance digital innovation with financial stability,” the central bank said. It will only consider applicants with strong governance, risk management, and a clear value proposition.
Applications must be complete and compliant to be processed on a first-come, first-served basis. Incomplete filings will be rejected.
The Philippines currently has six licensed digital banks. Earlier this year, the BSP lifted a previous freeze and raised the cap to 10, allowing four new entrants.
Digital banking continues to be a key driver of financial inclusion for underserved Filipinos, the BSP said.
