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All 6 digital banks now allowed to fully operate: BSP

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ABS-CBN News

<p>MANILA - The Bangko Sentral ng Pilipinas on Wednesday said it has issued Certificates of Authority to Operate to 2 more digital banks, which would allow them to proceed with full operations.</p><p>In total, all 6 licensed digital banks are now allowed to operate in the country, the central bank said in a statement. <br/> <br/>The 2 latest certificates were issued to UnionBank&#x27;s UnionDigital Bank Inc and the Gokongwei Group&#x27;s GoTyme Bank Corp, the BSP said.</p><p>It said Tonik Digital Bank Inc and Maya Bank Inc were authorized in the first quarter of 2022, while LandBank&#x27;s Overseas Filipino Bank Inc and UnoBank Inc were authorized in the second quarter. </p><p>&quot;The BSP issues the COA to Operate to digital banks that have substantially complied with the BSP’s conditions for approval and pre-operating requirements,&quot; it said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/23/22/tonik-eyes-lending-expansion-cryptocurrency-feature-for-2022">Digital bank Tonik eyes lending expansion, hints at cryptocurrency feature</a></li>	<li><a href="https://news.abs-cbn.com/business/09/24/21/digital-bank-gotyme-eyes-mid-2022-launch">Digital bank GOTyme eyes mid-2022 launch: Lance Gokongwei</a></li>	<li><a href="https://news.abs-cbn.com/business/07/01/22/unionbank-clarifies-launch-of-digital-bank-will-be-in-q3-or-q4">UnionBank clarifies launch of digital bank UnionDigital will be later this year</a></li></ul><p>Digital banks have no physical branches and their financial products are processed entirely on digital platforms and online. </p><p>Requirements for the certificate include capitalization, risk and governance structure and information technology systems, among others, the central bank said.</p><p>So far, OF Bank, Tonik Bank and Maya are now fully operational, while UnionDigital, UnoBank and GoTyme have commenced limited operations, the BSP said.</p><p>UnoBank, UnionDigital and GoTyme are expected to officially launch in the second half of the year.</p><p>From January to June 2022, the volume and value of electronic payments and financial services processed through digital banks reached 1.4 million and P8.45 billion, respectively, the BSP said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/22/22/bpi-unfazed-by-competition-with-digital-banks">Head-to-head: BPI unfazed by competition with digital banks</a></li>	<li><a href="https://news.abs-cbn.com/business/11/03/21/digital-banks-to-help-drive-economic-recovery-says-bsp">Digital banks to help drive economic recovery, says BSP</a></li></ul><div><br/> </div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1393008" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div><div><br/> </div>

The BSP issued Certificates of Authority to Operate to 2 more digital banks, which would allow them to proceed with full operations.