BSP sets Nov. 30 deadline for digital bank license applications – BusinessWorld Online
THE BANGKO Sentral ng Pilipinas (BSP) said it would stop accepting applications for digital bank licenses after Nov. 30, following the moratorium on licensing approved by the Monetary Board earlier this month.
“The closure of the application window follows the Monetary Board’s approval of a moratorium on digital bank licensing on Sept. 18. The moratorium will remain in place until further notice,” the BSP said in a statement on Thursday.
It warned that incomplete or noncompliant applications would not be entertained beyond the deadline. Applications must be submitted with complete documentation and will be evaluated on a first-come, first-served basis, the BSP said.
The central bank lifted its three-year freeze on digital bank licenses in January and allowed four new slots, open to both new players and traditional banks seeking to convert to digital operations.
“The decision is part of the BSP’s broader effort to balance digital innovation with financial stability,” the regulator said, adding that approvals would only be given to applicants with strong governance, sound risk management and a clear value proposition for Filipino consumers.
Six digital banks operate in the Philippines: Tonik Digital Bank, GoTyme Bank, Maya Bank, Overseas Filipino Bank, UNObank and UnionDigital Bank. — Katherine K. Chan
