Interested players aiming to enter the Philippine digital banking sector must propose innovative business models and address specific market needs, according to a senior official from the Bangko Sentral ng Pilipinas (BSP). “The requirement from the governor and the Monetary Board [MB] is that...
Mactan, Cebu — Digicentric financial institutions operating like digital banks should be regulated the same way to address market arbitrage, a Bangko Sentral ng Pilipinas (BSP) official said. "If you're already behaving like a digital bank, you should be regulated like a digital bank, not like a...
The Bangko Sentral ng Pilipinas (BSP) will stop accepting digital bank license applications by next week and will close the window for three years after limiting the number of digital banks in the country to just seven. “The judgment of the Monetary Board is that we will keep it close for...
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno expects to have two online-only banks with digital bank license to start operation by the second half of 2021, including Overseas Filipino (OF) Bank. Diokno said another two new digital banks with no existing banking license from the BSP...
With increased online transactions due to the holidays, the Bangko Sentral ng Pilipinas (BSP) is reminding banks to remain vigilant against cyber attacks, specifically phishing or the fraudulent acquisition of sensitive data or information. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E....
The Bangko Sentral ng Pilipinas (BSP) is proposing the creation of an Open Finance Oversight Committee (OFOC), an industry-led self-governing body, as part of the country’s open finance framework. BSP Governor Benjamin E. Diokno ( Bloomberg file photo) Based on the draft circular on open finance,...
BSP Governor Benjamin E. Diokno (FILE Bloomberg) The Bangko Sentral ng Pilipinas (BSP) said it may require all banks with digital banking services to apply for the appropriate digital bank license based on a new circular’s transitory provision. “Existing banks may apply for conversion to a...
An applicant digital bank in the Philippines will be required to have a minimum capitalization of P1 billion, according to a revised Bangko Sentral ng Pilipinas (BSP) proposed guidelines on the setting up of digital banks. This was higher than earlier proposed of P400 million for a basic digital...
