BSP to allow more digital banks to operate in 2025

Quick Summary:

FILIPINOS will soon enjoy more digital banking options as the Bangko Sentral ng Pilipinas (BSP) will allow the entry of new players beginning in January 2025.

Earlier, the BSP capped the number of digital bank licenses to six and temporarily closed the application window effective August 31, 2021.

That framework aims to promote wider adoption and use of digital financial services in the country and expanding their reach into the unserved and underserved segments of society.

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Article Details

Author / Journalist: Cai U. Ordinario

Category: BusinessStartups

Markets: Philippines

Topics: Banking Business Bank Added Existing Banks Licenses Central Digital Players License

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-08 @ 12:40:31 (17 hours ago)

News Timezone: GMT +8:00

News Source URL: businessmirror.com.ph

Language: English

Article Length: 545 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Mirror

News ID: 21989421

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About Business Mirror

Main Topics: BusinessStartups

Official Website: businessmirror.com.ph

Update Frequency: 49 posts per day

Year Established: 2005

Headquarters: Philippines

News Last Updated: 12 hours ago

Coverage Areas: Philippines

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Local / Regional

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #37

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