The Bangko Sentral ng Pilipinas (BSP) is unsure whether it can issue new digital banking licenses before the end of the year, a senior official told BusinessWorld.

BSP Deputy Governor Lyn I. Javier heads the central bank’s Financial Supervision Sector.

She said the release of a new digital bank list depends on how quickly applicants complete a multi-stage vetting and registration process that is largely out of the BSP’s hands.

Asked whether new licenses could still arrive within the year, Javier said, “In due time… I cannot say so.”

She explained that even after the BSP approves an application, successful applicants must still register their articles of incorporation and bylaws with the Securities and Exchange Commission (SEC).

That step, she said, is one the central bank does not control.

Javier said the BSP’s evaluation looks closely at each applicant’s business model, ownership structure, and the fitness and propriety of proposed directors and officers.

The BSP sends follow-up questions back to applicants as needed.

The central bank also assesses whether each applicant offers a viable value proposition for the wider banking industry.

According to the BSP, establishing a new digital bank involves three stages. First, the central bank grants initial approval.

Applicants then have a 15-day window to register proposed articles of incorporation and bylaws with the SEC.

In the final stage, applicants secure a certificate of authority to operate, which typically takes five working days once they clear the earlier steps.

The BSP must notify an applicant’s organisers of its decision within 20 business days of a completed application.

From Four Slots to Three Applicants

The BSP lifted a three-year moratorium on new digital bank licences in January 2025, which has opened four additional slots on top of the six digital banks already operating.

Only three applicants submitted applications before the November 2025 deadline, below the four available slots.

The Monetary Board approved a fresh moratorium on new submissions shortly after, halting further applications.

BSP Governor Eli M. Remolona, Jr. said last week that the central bank has yet to decide which of the three applicants it will grant licences.

He noted that new entrants face different prudential requirements than existing digital banks that converted from rural banks.

He said the new licences, if granted, would be announced one at a time rather than as a group.

Six digital banks are currently licensed to operate in the Philippines: Tonik Digital Bank, GoTyme Bank, Maya Bank, Overseas Filipino Bank, UNObank, and UnionDigital Bank.

Featured image: Edited by Fintech News Philippines based on an image by BillionPhotos via Magnific.