The Bangko Sentral ng Pilipinas (BSP) has announced it will stop accepting new applications for digital bank licence starting December 1, 2025.

The decision follows the Monetary Board’s approval of a new moratorium on September 18. It will remain in place until further notice.

In an advisory, the central bank stated that interested parties have until November 30, 2025, to submit their complete applications.

The BSP will evaluate the applications on a first-come, first-served basis and requires that they meet all documentation and licensing requirements in form and substance.

In its warning, the BSP stated that it will reject any submissions that are incomplete or non-compliant after the deadline.

The BSP explained that the decision is part of its broader effort to balance digital innovation with financial stability.

“By carefully evaluating applicants, the BSP aims to ensure that only those with sound governance, robust risk management frameworks, and a compelling value proposition that meets the needs of Filipinos will be granted digital banking licences,” the central bank added.

This new moratorium comes after the Monetary Board increased the cap on digital bank licences from six to ten in August 2024. Such move made four new slots available for applicants.

Currently, six licensed digital banks are operating in the Philippines. These include GOTyme, Maya Bank, Overseas Filipino Bank, Tonik Bank, UNObank, and UnionDigital.

A rural bank has reportedly already submitted an application to convert its licence into a digital one. Additionally, another foreign player has expressed its intent to apply for a licence.

Featured image by user21016237 via Freepik.