BSP to accept 4 more digital banks next year

ABS-CBN News

MANILA - The Bangko Sentral ng Pilipinas said it will give four new digital banking licenses starting January 1, 2025. From just six digital bank licensees, the Monetary Board has approved a cap of ten digital banks to operate in the country, aiming to boost the Philippine financial system while managing associated risks, the BSP said.&quot;With this cap, the BSP can closely monitor the digital banking industry&#x27;s development, gain broader insights as these banks mature, and assess the impact of new entrants,&quot; said <span id="isPasted" style="color:rgb(65, 65, 65);letter-spacing:normal;orphans:2;text-align:left;text-indent:0px;text-transform:none;widows:2;word-spacing:0px;-webkit-text-stroke-width:0px;white-space:normal;background-color:rgb(255, 255, 255);text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial;display:inline !important;float:none">BSP Governor Eli Remolona, Jr.  The measure will also allow for conversions from existing banks. The six operating digital banks at present are: Maya, GoTyme, Tonik, Overseas Filipino Bank (OFBank), UNObank and UnionDigital by UnionBank.“We have based our decision from our assessment of the operations of digital banks,” the Governor added, noting that the BSP took into consideration the digital banks’ financial soundness and achievement of the policy objectives of the Digital Banking Framework of promoting wider adoption and use of digital financial services in the country and expanding their reach into the unserved and underserved segments of society.New digital bank applicants will undergo a stringent licensing process assessing their value proposition, business models, resource capabilities, ownership transparency, shareholder suitability, and corporate governance, the BSP said. &quot;Applicants must offer unique products and services with significant potential to reach broader, underserved market segments,&quot; Remolona said.The central bank said this aligns with the BSP&#x27;s goals of financial system stability, inclusion, and digital transformation. Previously, the BSP had capped digital bank licenses at six and temporarily halted applications in August 2021 to evaluate the banks&#x27; performance and contribution to financial inclusion and digital adoption.

From just six digital bank licensees, the Monetary Board has approved a cap of ten digital banks to operate in the country, the BSP said.

From just six digital bank licensees, the Monetary Board has approved a cap of ten digital banks to operate in the country, the BSP said.

BSP to accept 4 more digital banks next year | ABS-CBN

Entertainment

News

Metro.Style

Sports

More

Business

BSP to accept 4 more digital banks next year

BSP to accept 4 more digital banks next year

ABS-CBN News

Published Aug 08, 2024 02:07 PM PHT

|

Updated Aug 08, 2024 02:21 PM PHT

Read More:

Maya

GoTyme

Tonik

Overseas Filipino Bank (OFBank)

UnoBank

UnionDigital

BSP

digital bank

fintech

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

Terms of Service

Advertise with Us

© 2024 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Advertise with Us

Privacy Policy

Terms of Service

© 2024 ABS-CBN Corporation. All Rights Reserved.