The 6 BSP-Licensed Digital Bank 1. Overseas Filipino Bank (OFBank) 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 ...
the Philippines current licensed digital banks recorded a combined net loss of 4.1 billion pesos ($72.58 million) in the April-June period, according to the BSP, a significant increase over the 1.3 billion pesos they lost during
The Bangko Sentral ng Pilipinas ( BSP ), the Philippines’ central bank, has indicated that it is open to granting more than four new fully digital bank licences in 2025. Earlier in August, the central bank announced it would grant up to four new digital bank licences in the country. ...
UnionDigital Bank is a Bangko Sentral ng Pilipinas (BSP) licensed digital bank, a wholly owned subsidiary of the UnionBank of the Philippines. It enables Filipino communities, businesses, and regulators to leverage FinTech, Blockchain, and Open Finance technologies to achieve inclusive prosperity. U...
The same year Bank Negara Malaysia finalized its licensing framework and BSP in the Philippines introduced its Digital Banking Framework. Bank of Thailand is set to launch a licensing program in the near future. Across Greater China, South Korea, and Singapore, some 22 licenses h...
Southeast Asia has seen a rise in digital banking, partly induced by Covid-19 restrictions that have forced business operations to go online. (Read: Why Indonesia’s tech giants find digital banks irresistible) The Philippines has an unbanked population of 63% as of 2020, according to Euromoni...
in 2021, 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 ...
We’re proud to be the only digital bank parented by a world-class universal bank, UnionBank, and grandparented by the Philippines' first Techglomerate, Aboitiz Equity Ventures. TRUST & STABILITY Magtiwala sa pinalaki nang tama! We’re a wholly-owned, trusted subsidiary of UnionBank so yo...
What’s next:The BSP will coordinate training and account setup with banks and VASPs, and institutions will begin preparatory use of ASTERisC* ahead of full implementation in January 2025. Worth reading: Recently, the BSPrevokedFIL-EXPRESS’s license for non-compliance with regulatory standards, ...
The Philippines Central Bank, Bangko Sentral ng Pilipinas, Plans to Launch Wholesale Central Bank Digital Currency Within Two Years On February 12, the Philippines’ central bank, the Bangko Sentral ng Pilipinas (BSP), revealed the bank’s intention of introducing a wholesale central bank digital ...