THE Bangko Sentral ng Pilipinas (BSP) is still in the process of evaluating applications for new digital bank licenses, but the list could be finalized this quarter, a senior official said.
“We’re still evaluating the applications,” central bank Deputy Governor Lyn Javier told reporters late Friday, particularly in terms of the business model proposed, the objective of fostering financial inclusiveness, “and if they have the capacity actually to deliver.”
The central bank, which allowed the establishment of digital banks in 2020, initially limited the number of entrants to six. It raised the cap to 10 at the start of 2025, and applications were accepted up to the end of November.
While a first-quarter 2026 timeframe had been indicated for the announcement of new digital banks, Javier said that this remained an internal target rather than a firm commitment, as the process was still at an early stage.
“Maybe by Q1, we have already selected the likely candidates. But still, it’s dependent [on other things], and we cannot say that there are other external factors,” Javier said.
She also declined to disclose how many applications might eventually be approved, saying the BSP intended to assess all submissions to identify which business models showed the strongest potential to add value to the Philippine financial system.
The BSP has emphasized that digital bank licensing will be guided not by numbers alone but by the ability of applicants to contribute meaningfully to financial inclusion and improve access to banking services, particularly for underserved segments.
Six digital banks currently operate in the Philippines: UNO Digital Bank, Tonik Digital Bank, UnionDigital Bank, Overseas Filipino Bank (OFBank), Maya Bank, and GoTyme Bank.
UNO and Tonik are owned by Singapore-based firms, while OFBank is managed by the state-owned Land Bank of the Philippines. UnionDigital, Maya, and GoTyme are owned by Union Bank of the Philippines, the PLDT Group, and the Gokongwei Group, respectively.
