Central Bank in the Philippines Prepares Digital Banking Guidelines
The BSP (Bangko Sentral ng Pilipinas), the central bank of the Philippines, is preparing a framework for licensing digital banks as part of its digital payments transformation roadmap.
BSP’s framework proposes two types of digital bank – a “basic” digital bank and an “advance” digital bank.
A “basic” digital bank must have at least PHP 400 million ($8 million) in reserves. The bank will be allowed to serve retail and SME clients.
An “advanced” digital bank will be required to maintain a minimum capital balance of PHP 900 million and will be allowed to provide services to retail, SME and corporate clients.