⚡️ The Central Bank of the Philippines (BSP)🇵🇭 announces the lifting of the moratorium on issuing new licenses for digital banking

⚡️ The Central Bank of the Philippines (BSP)🇵🇭 announces the lifting of the moratorium on issuing new licenses for digital banking

Starting January 1, 2025, up to 10 digital banks will be allowed to operate in the country.

➖ Previously, the BSP had capped the number of licenses at 6 and, in August 2021, suspended the acceptance of new applications to give the regulator time to assess the sector's effectiveness and its contribution to digital transformation and financial inclusion goals.

➖ The new regulation allows for the issuance of 4 additional licenses, available to both new applicants and existing banks that wish to convert. The key criterion for approval will be the uniqueness of the offer.

➖ The licensing process includes evaluating the business model, resource capabilities, and compliance with standard criteria, such as ownership transparency, shareholder suitability, management competency, capital adequacy, and strategic planning.

➖ Among the lucky ones are Tonik, Maya Bank, Overseas Filipino Bank (OFBank), UNObank, UnionDigital Bank, and GoTyme Bank.

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