BSP Green Lights All Six Digital Banks to Launch Full Operationsby Fintech News Philippines August 24, 2022
The Bangko Sentral ng Pilipinas (BSP) has issued Certificates of Authority (COA) to all the six licensed digital banks in the country, allowing them to pursue full operations.
The most recent recipients were UnionDigital Bank and GoTyme Bank, which obtained their certificates last July 12 and 29, respectively.
In the first quarter of 2022, the BSP authorised Tonik Digital Bank and Maya Bank to operate as digital banks. Meanwhile, the Overseas Filipino Bank, LANDBANK’s digital bank arm, and UNO Digital Bank were authorised during the second quarter of 2022.
The certificates were issued to digital banks that have substantially complied with the BSP’s conditions for approval and pre-operating requirements.
These requirements include capitalisation, risk and governance structure, and information technology systems, among others.
The Overseas Filipino Bank, Tonik and Maya Bank are now fully operational. UnionDigital Bank, UNO Digital Bank and GoTyme have commenced limited operations targeting select customers and are expected to publicly launch within the second half of this year.
Operating initially under limited capacity is a conservative approach adopted by digital banks to further ensure that all aspects of their digital operations are ironed out prior to fully launching their services to the public.