The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said it will stop accepting new applications for digital bank licenses from Dec. 1, as the regulator moves to tighten oversight of the fast-growing sector and safeguard financial stability.
The suspension follows the Monetary Board’s Sept. 18 decision approving a moratorium on digital bank licensing. The pause will remain in effect until further notice, the BSP said in a statement.
Prospective applicants have until Nov. 30 to submit complete documentation. Submissions will be reviewed on a first-come, first-served basis and must comply fully with the BSP’s licensing requirements.
Incomplete or non-compliant applications will be automatically rejected after the deadline.
The regulator said the move forms part of a broader strategy to strike a balance between encouraging innovation and maintaining prudential standards in the banking system.
“By carefully evaluating applicants, the BSP seeks to ensure that only those with sound governance, strong risk management frameworks, and viable business models tailored to the needs of Filipinos will be allowed to operate,” it said.
The Philippines currently has six licensed digital banks. These include units backed by established financial groups and fintech players, which were approved during the initial wave of licensing in 2021.
In January 2025, the BSP lifted an earlier moratorium and raised the cap on the number of digital banks to 10, opening the door for up to four additional licenses.
Digital banks, which operate without physical branches and deliver services primarily through mobile and online platforms, have been a cornerstone of the government’s push for greater financial inclusion in a country where millions remain unbanked.
Analysts say the moratorium underscores regulators’ cautious approach as digital lenders expand rapidly, highlighting the need to strengthen supervision amid evolving risks in cybersecurity, consumer protection and financial crime.
The Philippines currently has six digital banks—Tonik, Overseas Filipino Bank, Union Digital Bank, Uno Digital Bank, GoTyme Bank, and Maya Bank.