NextGen Day

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) stated the application for a digital banking license is open until the end of the month and would be reopened after three years if necessary.

Diokno stated that restricting the number of digital banks would enable the BSP to carefully monitor their performance and effect on the banking system, as well as their contribution to the financial inclusion goal, in a virtual briefing on Thursday.

“We must guarantee that banks compete in a healthy manner so that they can provide new and competitive financial goods and services,” he added.

The BSP has established a limit of seven digital banks in the nation at this time.

Five banks have received licenses from the policy-making Monetary Board (MB), three of which are new financial organizations and two of which have converted their current licenses to digital banks.

The UNObank, UnionDigital Bank, and GoTyme are the three new digital banks, while the Overseas Filipino Bank, a subsidiary of the state-owned Land Bank of the Philippines (Landbank), and Tonik Bank are the existing banks that changed their licenses into digital banks.

There are two other digital bank apps in the works.

According to Diokno, these two applications must meet all of the paperwork criteria or they will not be processed.

While there are still a few days until the deadline for submitting an application for a digital banking license, Diokno believes that no applicant will have enough time to meet all of the criteria.

“Because we’ve made it obvious that it’s a first-come, first-served basis,” says the author. He said, “Their prospects of getting in are essentially extremely low.”

“There will be no more digital banks in the future,” he said if the MB determines over the three-year monitoring period that the original number of digital banks is sufficient to support the home economy.

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