The Bangko Sentral ng Pilipinas (BSP) will stop accepting new applications for digital bank licenses starting Dec. 1, 2025, as regulators move to temper rapid growth in the sector and safeguard financial stability.
The decision follows the Monetary Board’s approval of a fresh moratorium on Sept. 18. The suspension will remain in place until further notice, the BSP said Friday.
Prospective applicants have until November 30 to submit complete documentation. Applications will be processed on a first-come, first-served basis, but incomplete or non-compliant submissions will be automatically rejected.
The central bank said the move forms part of its broader strategy to balance financial innovation with regulatory oversight. Only institutions with strong governance, risk management, and business models responsive to Filipino consumers’ needs will be considered for licenses.
Currently, six digital banks operate in the Philippines. The BSP in January lifted a previous moratorium and raised the cap to ten licenses, allowing four more entrants.
Digital banks have been central to the BSP’s financial inclusion push, providing low-cost, tech-enabled services to a growing base of unbanked Filipinos.
However, regulators have stressed the need to maintain prudence as competition intensifies and risks around cybersecurity, consumer protection, and capital adequacy rise.
“The BSP will continue to closely monitor market developments to ensure that digital banking supports both innovation and stability in the financial system,” the regulator said. / KOC
