BSP closes window for digital bank applicants

By Mayvelin U. Caraballo

Aug 20, 2021 1:00 am

Financial institutions that want to operate as a digital bank in the Philippines have only until the end of this month to apply for a license, according to the Bangko Sentral ng Pilipinas (BSP).

The central bank said in a statement on Thursday that the Monetary Board decided to close the window for new digital bank applications, including converting banks, on September 1 this year, in keeping with the overarching goal of maintaining a stable and competitive environment for banks.

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