The Bangko Sentral ng Pilipinas (BSP) lifted the moratorium on new digital banking licenses this year, allowing 10 digital banks to operate in the country. This means that it will grant four available slots for new and existing players if it meets the BSP’s requirements.
This aligned with the central bank’s goal to harness the potential of these banks in bringing positive impact to the financial system while remaining considerate to possible risks.
“New digital bank applicants will be subjected to a rigorous licensing process that will look into their value proposition, business models, and resources capabilities,” the BSP said in a statement.
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