THE Bangko Sentral ng Pilipinas (BSP) on Thursday, September 25, announced that it will stop accepting new applications for digital bank licenses on December 1, 2025.
The BSP said in a statement the move follows the Monetary Board’s approval of a moratorium on digital bank licensing on Sept. 18. The moratorium will remain in place until further notice.
Interested parties have until Nov. 30 to submit their complete applications. These will be evaluated on a first-come, first-served basis. They must meet all documentation and licensing requirements of the BSP, both in terms of form and substance.
Incomplete or non-compliant submissions will not be accepted after the deadline, the central bank said.
“The decision is part of the BSP’s broader effort to balance digital innovation with financial stability,” it said.
“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 licenses,” it added.
Currently, six licensed digital banks are operating in the Philippines.
In January 2025, the BSP lifted an earlier moratorium. It increased the cap on the number of digital banks to 10. That means an additional four new licenses. (Ian Nicolas P. Cigaral © Philippine Daily Inquirer)
