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Manila Bulletin devider Business devider Banking & Finance devider BSP closes digital banking applications by Nov. 30

BSP closes digital banking applications by Nov. 30

Published Sep 25, 2025 05:39 pm
Interested players planning to enter the Philippine market are given until Nov. 30 to complete their applications, as the Bangko Sentral ng Pilipinas (BSP) will stop accepting digital banking license applications in December.
This planned closure follows the policy-setting Monetary Board’s (MB) approval of a moratorium on digital bank licensing last week, on Sept. 18. It can be recalled that the ban was lifted in January this year, allowing a one-year application window.
“The moratorium will remain in place until further notice,” the BSP said in a statement released on Thursday, Sept. 24.
Applications will be assessed “on a first-come, first-served basis and must meet all documentation and licensing requirements of the BSP, both in terms of form and substance. Incomplete or non-compliant submissions will not be accepted after the deadline,” the BSP said.
“By carefully evaluating applicants, the BSP aims to ensure that only those with sound governance, robust risk management frameworks, and a compelling value proposition that meets the needs of Filipinos will be granted digital banking licenses,” the central bank added.
It was also in January that the BSP raised the cap on the number of digital banks by issuing four additional licenses on top of the existing players.
Six digital banks are currently operating in the Philippines, namely GoTyme Bank, Maya Bank, Overseas Filipino (OF) Bank, UnionDigital Bank, UNObank, and Tonik Digital Bank.
In July, British financial technology (fintech) giant Revolut was reported to enter the Philippine market by establishing its second Global Tech Hub in Asia. This move was part of its goal to reach 100 million customers worldwide.

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Bangko Sentral ng Pilipinas (BSP)
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