Players jostling for new digital bank slots

Foreign and local financial institutions have expressed growing interest in securing a digital banking license as the Bangko Sentral ng Pilipinas (BSP) prepares to reopen applications next year.

- Keisha Ta-asan

BSP director Melchor Plabasan, who heads the central bank's Technology Risk and Innovation Supervision Department, said the four slots would be open to both new players and existing financial institutions transitioning from other licenses.

"There are new players that are exploring and are interested in entering the Philippine market, but based on our issuance, we will only start accepting new applicants by Jan. 1, 2025," Plabasan said.

He said the BSP is currently determining which among digital financial institutions should be considered as operating like a digital bank.