British fintech Revolut is in active discussions with the Bangko Sentral ng Pilipinas (BSP) about securing a digital banking licence in the country, a senior central bank official said.
Lyn I. Javier, BSP deputy governor and head of its Financial Supervision Sector, said talks with the UK-based company were ongoing, but its entry would depend on meeting the regulator’s requirements.
Javier told reporters that the BSP is still in discussions with Revolut and that the fintech firm is still interested.
Revolut must go through the central bank’s assessment process, including meeting requirements for establishing a foreign bank presence in the Philippines, she said. The timing would depend on the company’s readiness to comply.
“Discussions are still ongoing and very active,” Javier said.
The BSP said last year that a European bank had applied for a digital banking licence, with plans to serve underserved segments of the Philippine market. The central bank did not identify the applicant at the time.
Revolut operates as a licensed bank in the UK, Australia, Colombia and France, and has received conditional approval to establish a bank in the United States. It also applied for a Swiss banking licence in September.
The Philippine central bank reopened applications for digital banking licences in January 2025, making four slots available after a three-year moratorium. Three applicants met the deadline set for Nov. 30 last year, according to the BSP.
In July, the regulator approved Maribank Philippines Inc., which previously operated under a rural banking licence, as the country’s seventh digital bank.
The other six are GoTyme Bank Corp., Maya Bank Inc., Overseas Filipino Bank Inc., Tonik Digital Bank Inc., UnionDigital Bank Inc. and UNObank Inc.
The BSP is also considering allowing existing thrift, rural and cooperative banks to convert to digital banks, particularly those operating under digital-first business models.
Javier said the decision to open additional slots for conventional banks seeking to make the transition would be up to the Monetary Board.
