The Bangko Sentral ng Pilipinas on Thursday said it would cease accepting applications for new digital banks and the conversion of existing banks, starting Aug. 31.
Governor Benjamin Diokno said this would allow the monetary authority to "monitor the performance and impact of digital banks on the banking system and their contribution to the financial inclusion agenda".
“As these tech-savvy, customer-centric players introduce innovations in the banking sector, we are confident that the BSP is on track to achieving its digitalization and financial inclusion goals,” Diokno said.
MORE ON DIGITAL BANKING:
Traditional Banking Is A Hassle, Will It Ever Get Easier?
Adulting 101: The Difference Between Online Banking and Digital Banking
Applications submitted before the deadline will be processed on a first-come, first-served basis. Applicants will be assessed for completeness and sufficiency of documentation and information as well as compliance with the licensing criteria on the establishment of digital banks.
Those with complete requirements will be processed. Banks who filed applications with deficiencies will no longer be processed, and will be informed that their application is closed.
The central bank's Monetary Board has approved the application of five digital banks, including two incumbent banks which converted their existing licenses to a digital bank license.
GoTyme, UNObank and UnionDigital Bank got approved, while Overseas Filipino Bank Inc. and Tonik Bank converted their existing licenses to digital banks. The BSP is processing two more bank applications.
ALSO READ:
Meet Tonik, the First Digital-Only Bank in the Philippines
Tonik's Physical Debit Card is Nameless, Numberless. Here's Why
Reportr is now on Quento. Download the app or visit the Quento website for more articles and videos from Reportr and your favorite websites.
