Manila: The Bangko Sentral ng Pilipinas (BSP) announced it will cease accepting new applications for digital bank licenses starting December 1, 2025. This decision follows the Monetary Board's approval of a moratorium on digital bank licensing on September 18, 2025. The moratorium will remain effective until further notice.
According to Philippines News Agency, interested applicants have until the end of November to submit their applications. These submissions will be assessed on a first-come, first-served basis and must fulfill all documentation and licensing requirements, both in terms of form and substance. The BSP emphasized that incomplete or non-compliant submissions will not be accepted after the deadline.
The BSP stated that this decision is part of its broader effort to balance digital innovation with financial stability. By meticulously evaluating applicants, the BSP aims to ensure that only those with sound governance, robust risk management frameworks, and a compelling value proposition that meets the needs of Filipinos will receive digital banking licenses.
Currently, there are six licensed digital banks operating in the country. In January 2025, the BSP lifted an earlier moratorium and increased the cap on the number of digital banks to 10.
