BSP lifts moratorium on establishing digital banks

August 16, 2024 - 12:15 PM
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(Photo from BusinessWorld)

 The Philippines’ central bank last August 8 lifted a moratorium on establishing digital banks to promote financial inclusion and digital transformation.

The Monetary Board has allowed a maximum of 10 digital banks to operate in the Philippines, the central bank said in a statement. To date, six digital banks have been operating in the Philippines.

 —Reporting by Neil Jerome Morales; Editing by Martin Petty