that bank would be targeting given that the Philippines’ Muslim population stands at around 7 million, compared to about 86 million Roman Catholics. Still, applicants that showcase a compelling Islamic banking business model could be among the most likely to win a digital bankin...
OFBank is a subsidiary of the state-owned Land Bank of the Philippines, catering to overseas Filipinos and their beneficiaries, and it’s the first digital-only bank in PHL after obtaining BSP banking license. This digital bank aims to provide financial services that address the unique needs of...
Nonetheless, any bank may market itself as a bank offering “digital banking products or services” (or use equivalent terms) if it has secured the requisite BSP license on electronic payment and financial services for those digital banking products or services.The...
Good to go! BSP grants digital banking license to Aboitiz, Gokongwei subsidiaries BILYONARYO.COM August 25, 2022 Two conglomerates completed their foray into digital banking after securing licenses from the Bangko Sentral ng Pilipinas (BSP). The central bank recently announced that the A...
As regulators increase license allocations and set standards for a new generation of banking, there is a unique opportunity for both incumbents and new entrants to get involved. About the authors Not every Asian digital bank is a success story, of course, but those that have ...
and the Bangko Sentral ng Pilipinas (BSP), the Central Bank of the Philippines, released its "Guidelines on the Establishment of Digital Banks" in December 2020. BSP actually awarded the first full rural bank license to Tonik Digital Bank back in 2019, which finally launched on March 18, 202...
The virtual bank With the joint venture agreed, the new company intends to apply for a virtual banking license in the next four to six weeks, and has informally told BSP of its intentions. BSP announced its guidelines in November, noting that it expects digital and mobile payments to increase...
In discussing its decision to limit the CBDC to wholesale, the BSP acknowledged that retail CBDC could intensify bank runs in times of financial stress. Additionally, the BSP confirmed that it will not use blockchain or distributed ledger technology, stating that “[o]ther central banks have ...
UnionDigital Bank is a local digital bank regulated by the Bangko Sentral ng Pilipinas (BSP). Deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to P1 Million per depositor. Need Help? For any questions, email us at help@uniondigitalbank.io Our Customer Experience ...
EXHIBIT 4 Key characteristics of the B2B and B2(B2)C market Clients Revenue model B2B market y Public or private organizations (e.g. companies, governments) y Paid y Software revenue models (e.g. subscription, license etc.) B2C/B2B2C market y End-users (e.g. internet surfers, ...