Tagged: bsp

June 10, 2021 @ 1:00 am By Omar Faridi  |  

Philippines-based virtual bank Tonik recently revealed that it has managed to acquire a digital banking license from the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. Before receiving this license, Tonik had been offering services under a rural banking license (since 2019). BSP has… Read More

April 5, 2021 @ 11:17 pm By Omar Faridi  |  

Overseas Filipino Bank (OFBank), which is a wholly-owned subsidiary of the Land Bank of the Philippines (LANDBANK), has managed to acquire an operational license following the introduction of the Bangko Sentral ng Pilipinas’ (BSP) updated virtual banking guidelines. OFBank was reportedly provided a digital banking… Read More

November 29, 2020 @ 7:30 pm By Omar Faridi  |  

​The Monetary Board in the Philippines has reportedly approved the recognition of digital banking platforms as a new bank category that’s separate and distinct from the traditional bank classifications. Regulators in the country have defined digital banks as an institution or entity that provides financial… Read More

May 24, 2020 @ 11:35 pm By Omar Faridi  |  

An increasing number of transactions are being conducted online by the residents of the Philippines due to COVID-19. The nation’s government has confirmed that it will launch a branchless bank that will offer services to Filipinos working and living abroad. The digital bank will also… Read More