The Bangko Sentral ng Pilipinas’ (BSP) five-only digital banks is not a long-term limit and can be lifted depending on demand and requirement, according to BSP Governor Benjamin E. Diokno. “At the moment our policy is to consider among applicants the top five banks that we are willing to...
Aboitiz-led Union Bank of the Philippines is accelerating its digital banking business with a “better normal” strategy to attract new clients while they fasttrack development of online-only products and utilize blockchain solutions for real-time services. UnionBank, which has styled itself...
At least five banks are expected to apply for digital bank license this month, the first batch of applicants after the Bangko Sentral ng Pilipinas (BSP) approved the digital banking framework last week. “So far, about five have signified intention to apply for a digital bank license,”...
The guidelines and regulation for a digital banking sector in the Philippines will be ready this month, according to Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno. “I think it will be issued not later than the end...
The Bangko Sentral ng Pilipinas (BSP) is in the last stage of sifting through the rules and regulation of digital banking in the country and could start issuing licenses earlier than expected. In a recent update, BSP Governor Benjamin E. Diokno said they have almost wrapped up all the loose Bangko...
The central bank wants digital bank players that will be “tenacious” or strong enough to withstand risks such as fraud and cyberattacks, and that these online-only banks will last a long time. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno ( Bloomberg ) “We will put...
Bank of the Philippine Islands (BPI) president and CEO Cezar P. Consing said the bank’s digitalization efforts is currently going through an upgrade to a version he calls “2.0” in anticipation of higher online and mobile-based banking services even post-COVID-19 period, and it will cut...
The central bank’s guidelines on the establishment of digital banks is expected to be approved this month, according to a Bangko Sentral ng Pilipinas (BSP) official. BSP Deputy Governor Chuchi G. Fonacier (Bloomberg file photo) BSP Deputy Governor Chuchi G. Fonacier said the circular will be...
