A MAXIMUM of 10 digital banks will now be allowed to operate in the Philippines as a result of the lifting of the Bangko Sentral ng Pilipinas moratorium on the establishment of these banks.
“Existing banks that are assessed by the Bangko Sentral as having a highly digital-centric business model shall be required to comply with the requirements applicable to a digital bank, as may be determined by the Bangko Sentral,” BSP said. The BSP said these banks will be given three years from the approval of their digital banking license by the Monetary Board to implement its transition plan.
The feasibility study, the BSP said, should contain “realistic assumptions” that are consistent with the proposed business model and the corporate strategy of the bank. The same parameters will also be required in the assessment of the applicant’s network, application, database, security systems, anti-money laundering/countering the financing of terrorism measures and other technologies.
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