DIGITAL BANKS are likely to meet the reserve requirement ratio (RRR) of 8% and are expected to comply with the existing prudential requirements for big banks, the Bangko Sentral ng Pilipinas (BSP) said. READ
BSP Deputy Governor Chuchi G. Fonacier said in a Viber message that they considered digital banks’ scope of authority, capital requirement, and ability to rapidly expand operations in setting up the 8% RRR.
“Nonetheless, the BSP can adjust the RRRs of banks, including digital banks, as may be warranted, consistent with its price and financial stability objectives,” Ms. Fonacier said. “This policy approach ensures that digital banks operate in a safe and sound manner as they offer and promote access to innovative financial services,” she added.
Earlier this month, the BSP approved the regulatory sandbox rules formalizing the “test and learn” approach for startups. Meanwhile, the Open Finance Framework, which was published in 2021, lays out the rules for enabling open finance in the country.
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