Philippines to issue up to four more digital bank licences
New entrants must bring new services to the table, central bank says
The Central Bank of the Philippines (BSP) has said from next year that it will allow another four digital banks to operate in the country, thereby raising the cap on the number of digital banking licences to 10.
The central bank said in a statement on August 8 that its monetary board had decided to lift the moratorium on new licences from January 1, 2025.
The BSP said the decision was aimed at harnessing the potential for banks to have a positive impact on the Philippines’ financial system. It
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