BSP holding up digital bank approvals on rules mismatch
By Derco Rosal
Published Jul 6, 2026 12:00 am
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Updated Jul 4, 2026 03:00 pm
The Bangko Sentral ng Pilipinas (BSP) is delaying the selection of four new digital banking players as it seeks to reconcile conflicting regulatory tracks for different types of applicants.
While the market anticipated the entry of the new digital lenders as early as the first quarter, BSP Governor Eli Remolona Jr. said the central bank has yet to decide which applicants will receive the coveted licenses.
The applicants come from varied operational backgrounds, forcing regulators to align separate vetting processes before issuing final approvals.
“It’s not delayed,” Remolona said in an interview during a BSP book launch, downplaying concerns over the timeline. “There are two different processes: one involves digital banks that acquire rural banks, which follows a different process because there is already an existing bank.”
For other applicants seeking to establish a new digital bank from scratch, they undergo “a separate process with different capital requirements,” Remolona added. “We’re currently trying to reconcile these two processes.”
Remolona said the announcement of the new players will likely be made one by one. The BSP previously noted that both foreign and domestic entities have submitted expressions of intent to operate digital banks in the Philippines.
The BSP lifted its moratorium on new digital banking licenses in January 2025, raising the maximum cap to 10 players nationwide. Interested applicants were permitted to apply for new licenses or request the conversion of an existing bank’s license.
Six digital banks currently operate in the Philippines: GoTyme Bank, Maya Bank, Overseas Filipino (OF) Bank, UnionDigital Bank, UNObank, and Tonik Digital Bank.
While the evaluation of the digital banking applications remains ongoing, Remolona said the BSP is “just happy that transfer fees are being lowered,” adding that he expects more banks to follow suit.
Industry heavyweights kicked off the fund transfer price adjustments. Bank of the Philippine Islands (BPI) permanently waived fees for electronic fund transfers, while Rizal Commercial Banking Corp. (RCBC) eliminated costs for its InstaPay transactions and reduced fees for PESONet transfers.
Digital lender Maya is also cutting its interbank InstaPay transfer fee to ₱10 from ₱15, while internal transfers remain free via both InstaPay and PESONet.
Department of Finance (DOF) Secretary and Land Bank of the Philippines (Landbank) Chairman Frederick D. Go expressed hope in a statement that a sweeping removal of fund transfer charges across the banking industry will materialize “soon.”
“We are encouraged that two major private banks have now followed suit, demonstrating how decisive government action can catalyze broader reforms that deliver tangible benefits to consumers,” Go said.
Landbank first toppled the domino and is currently trialing zero convenience fees for person-to-government (P2G) transactions with agencies like the Philippine National Police (PNP) and the Department of Foreign Affairs (DFA). However, the state-run lender has yet to permanently waive all of its intrabank and interbank transfer charges.