Technology NEWS

Overseas Filipino Bank (OFBank), the official digital bank of the Philippine government, raised a total of US$203,200 or P10.285 million from the recently held Retail Dollar Bonds (RDB) offering of the Bureau of the Treasury (BTr).

The Bangko Sentral ng Pilipinas (BSP) is expected to complete its review of two more local-owned banks applying for digital bank license next week, the last two slots for authorized digital banks in the country which has been limited to just seven banks.

Tonik, the Philippines’ first private neobank operating under its own digital bank license by the Bangko Sentral ng Pilipinas (BSP), has launched the physical debit cards for clients of its mobile app. Tonik customers can now order physical debit cards through the app, and use these cards at any ATM or merchant that is part of Mastercard’s global network, which includes the majority of the ATMs and card-accepting merchants in the Philippines.

There are five foreign banks that are expected to apply for digital bank license with the Bangko Sentral ng Pilipinas (BSP) soon, according to a senior BSP official.

Overseas Filipino Bank (OF Bank), a subsidiary of government-owned Land Bank of the Philippines, has become the country’s first online-only bank after the Bangko Sentral ng Pilipinas (BSP) granted it digital banking license on Maundy Thursday.

New bank applicants that are proposing to operate business models that looked like digital banks will be approved as digital banks, according to a Bangko Sentral ng Pilipinas (BSP) memo released on Tuesday clarifying the new circular on the establishment of digital banks.

The Bangko Sentral ng Pilipinas (BSP) has approved the framework for digital banking in the country, creating a seventh bank category.

Aboitiz-owned Union Bank of the Philippines (UnionBank) will consider applying for a digital bank license to support its agenda for financial inclusion.  

The Philippine National Bank (PNB) is thinking of putting up a digital bank either as a subsidiary or stand-alone unit, according to its president and CEO Jose Arnulfo “Wick” Veloso.