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Manila Bulletin devider Business devider Banking & Finance devider More banks want to apply for digital bank license – BSP

More banks want to apply for digital bank license – BSP

Published Oct 11, 2023 08:06 am

The central bank said it has been receiving a number of applicants for digital bank license even though the application window is still close until the end of 2024.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. on Wednesday, Oct. 11, cited “many interested groups” which could be a critical factor in deciding to lift the moratorium on digital bank license application sooner than expected.

“The ball is in our court,” he said, adding that there are plenty of qualified digital banks that are applying for a license with the BSP, and these have “experience in other jurisdictions.”

“I’m hoping we can begin issuing licenses again pretty soon,” said Remolona.

Right now, the BSP is carefully monitoring the six digital banks that were allowed to operate before the moratorium.

“(We’re) essentially looking at their business models,” said the BSP chief during a press chat on Wednesday. “They are learning and we’re learning, and once we get more comfortable with the business models, we will allow more licenses for digital banks … may pila na ngayon ng mga gusto mag pa lisensya (there’s a long line of license applicants),” he told reporters.

BSP Director Maria Cynthia M. Sison of the Supervisory Policy and Research Department said the BSP has yet to finish its review of the digital banking sector. The review is to determine how many more digital banks the industry can accommodate and if the market is ready for additional online-only banks.

“We have not announced the period of moratorium because we are still doing that study on digital banks. Once we have completed the study, the decision whether to lift the moratorium or not (will follow),” she said.

This is not the first time that Remolona has announced that they will reopen the window for digital bank license applications sooner than expected once it has assessed that the digital bank market needs expanding.

The BSP has closed the window for digital bank applications for three years, or from September 2021 until the fourth quarter of 2024. There are only six digital banks granted with digital bank license by the BSP as of Aug. 31, 2021.

The establishment of a digital bank require P1-billion minimum capitalization.

A digital bank is the BSP’s seventh bank category. Digital banks will have minimal or zero-reliance on physical touchpoints but it will have to set up one office in the Philippines to receive and address customer complaints or issues.

The BSP has limited the number of digital banks to allow them the space to closely monitor the performance and impact of digital banks to the banking system and their contribution to the financial inclusion agenda.

The six digital banks currently in operation are: government-owned Overseas Filipino Bank Inc. of Land Bank of the Philippines; Tonik Digital Bank of Tonik Financial Pte Ltd. of Singapore; MAYA Bank of the PLDT Group; UNObank Inc. of Singapore; UnionDigital Bank of Aboitiz-led Union Bank of the Philippines; and GoTyme Bank Corp. of the Gokonwei Group.

 

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