MANILA – The Bangko Sentral ng Pilipinas (BSP) will no longer accept new applications for digital bank licenses starting December 1, 2025.

The move comes after the Monetary Board approved a moratorium on digital bank licensing on September 18. The suspension will stay in place until further notice, the BSP said in a statement Thursday.

Interested groups have until the end of November to file their applications. These will be reviewed on a first-come, first-served basis, but only if all requirements are complete. The BSP reminded applicants that incomplete or non-compliant submissions will not be entertained after the deadline.

According to the central bank, the moratorium is meant to strike a balance between promoting digital innovation and safeguarding financial stability. Only applicants with strong governance, solid risk management, and clear benefits for Filipino consumers will be considered for licensing.

At present, six digital banks are operating in the country. The BSP lifted an earlier moratorium in January this year and raised the cap on digital banks to 10. (MJ Espena)