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The Bangko Sentral ng Pilipinas said Thursday the Monetary Board, its policy-making body, approved the lifting of the moratorium on the grant of new digital banking licenses starting Jan. 1, 2025, allowing four more digital banks to operate in the country.
Since issuing the Digital Banking Framework in December 2020, six digital banks have started operating in the Philippines. The moratorium’s lifting will accommodate four more licenses, either for new banks or conversions. The application process for new digital bank licenses will be rigorous, focusing on value propositions, business models, and resource capabilities. Applicants must also meet standard licensing criteria, including transparency of ownership and control, shareholder suitability, fitness of directors and senior management, adequate capital, and a sound corporate governance and risk management plan.
“Applicants must bring something new to the table. We want to see unique product and service offerings that are different from that offered by the existing market players. These offerings should have significant potential to reach broader clientele, particularly the untapped or underserved market segments,” Remolona said.
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