BRITISH financial technology (fintech) company Revolut is in active talks with the Bangko Sentral ng Pilipinas (BSP) about potentially securing a digital banking license in the Philippines, a top central bank official said.
BSP Deputy Governor Lyn I. Javier, who heads the regulator’s Financial Supervision Sector, said the United Kingdom-based fintech has been vocal about its plan to join the Philippine digital banking sector.
“We’re still in discussions with them and they are still interested. I think they are vocal about it,” Ms. Javier told reporters on the sidelines of an event on Thursday.
Whether Revolut will be able to acquire a digital banking license from the BSP within the year will depend on their compliance with the regulator’s evaluation process, the official said.
“They have to go through certain processes and meet the requirements for (establishing) their foreign bank presence. That is part of the assessment process,” Ms. Javier said in mixed English and Filipino. “But discussions are still ongoing and very active. We are still discussing with Revolut.”
“The process would depend actually on the requirements and their readiness to comply with what we have required.”
Last year, the central bank said a European bank had applied for a Philippine digital banking license, proposing to cater to underserved markets in the country.
Revolut is licensed to operate as a bank in the United Kingdom, Australia, Colombia, and France, and has received conditional approval to establish a bank in the United States. It also sought a Swiss banking license in September.
In January 2025, the BSP opened four slots for new players seeking a digital banking license after implementing a three-year moratorium on applications.
The central bank later said three applicants had met its Nov. 30 deadline last year. In July this year, it announced that Maribank Philippines, Inc., which previously held a rural banking license, as the country’s newest digital bank.
This brought the total BSP-licensed digital banks to seven, with the six others being GoTyme Bank Corp.; Maya Bank, Inc.; Overseas Filipino Bank, Inc.; Tonik Digital Bank, Inc.; UnionDigital Bank, Inc.; and UNObank, Inc.
Meanwhile, Ms. Javier said opening additional slots for traditional banks seeking to convert into digital banks would be at the Monetary Board’s discretion.
This came after the central bank said in a circular issued late in September that it may issue additional digital banking licenses by converting existing thrift, rural, and cooperative banks, especially those with digital-first models, to allow these players to extend their services to more customers.
The regulator added that it will consider candidates’ “readiness to run a digital bank, robustness of governance and systems, value proposition, business model, and resource capabilities.” — Katherine K. Chan