BSP sets deadline for digital bank applications in 2025

The Bangko Sentral ng Pilipinas (BSP) announced it will stop accepting new applications for digital bank licenses starting 01 December 2025.

The policy follows the Monetary Board’s approval of a moratorium on digital bank licensing on 18 September 2025, which will remain effective until further notice.

Interested entities must submit their complete applications by 30 November 2025 to be considered before the licensing window closes.

The BSP emphasized that all submissions will be evaluated on a first-come, first-served basis and must fully comply with its documentation and regulatory requirements.

Incomplete or non-compliant applications will not be accepted after the deadline, regardless of submission timing.

“The decision is part of the BSP’s broader effort to balance digital innovation with financial stability,” the central bank said in a statement.

The policy aims to ensure that only applicants with sound governance, strong risk management systems, and a clear value proposition for Filipino consumers are approved.

As of September 2025, there are six licensed digital banks operating in the Philippines under the BSP’s supervision.

Earlier this year, in January 2025, the BSP lifted its previous moratorium on digital bank licensing and raised the cap to ten, allowing four more licenses.

The renewed moratorium reflects the central bank’s cautious and phased approach to digital bank expansion amid evolving market conditions and regulatory capacity.