The Monetary Board has approved lifting the moratorium on new digital banking licences starting January 1, 2025, allowing up to ten digital banks to operate in the Philippines. This move aims to leverage digital banks' potential while managing associated risks. The Bangko Sentral ng Pilipinas (BSP) will closely monitor the industry as these banks mature. Since the 2020 Digital Banking Framework, six digital banks have been operating, and the new decision will accommodate four additional licensees. Applicants will undergo a rigorous licensing process, focusing on value propositions, business models, and unique offerings that target underserved markets. The BSP emphasises financial inclusion and digital transformation as key objectives in granting these new licences.
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