BSP Will No Longer Be Accepting Digital Bank Applications
by Fintech News Philippines August 19, 2021Bangko Sentral ng Pilipinas (BSP) announced that it will no longer be receiving applications for new digital banks including banks wanting to convert their status from 1st September 2021.
Digital bank applications sent in to BSP until 31 August 2021 will be processed on a first come, first served basis.
These will be assessed for completeness of documentation and information as well as compliance with the licensing criteria on the establishment of digital banks.
Applicants who fail to meet BSP’s pre-qualification criteria or have incomplete documentation will be returned and not be subject to further processing.
After the deadline on 31st August 2021, BSP will no longer accept new or returned applications.
To date, BSP has already approved the application of five digital banks, including two incumbent banks which have converted their existing licenses to a digital bank license.
These include UNObank, UnionDigital Bank, and GoTyme. Meanwhile, Overseas Filipino Bank and Tonik are banks that converted their existing licenses to digital banks.
BSP said that it is currently processing two other digital bank applications.
Benjamin Diokno
“The closure of the application window will allow the BSP to monitor the performance and impact of digital banks on the banking system and their contribution to the financial inclusion agenda.
We need to ensure that the business environment continues to allow healthy competition among banks enabling them to offer innovative and competitive financial products and services to their clients.”
said Benjamin E. Diokno, Governor of BSP.
