The Bangko Sentral ng Pilipinas (BSP) will stop accepting new applications for digital banking licenses starting 1 December, following the Monetary Board’s approval of a new moratorium.

The moratorium, which took effect on 18 September, will remain in place until further notice. Applicants interested in securing a license must file their complete requirements by 30 November.

Evaluation on 1st-come-1st service basis

Submissions will be evaluated on a first-come, first-served basis and must comply fully with the BSP’s documentation and licensing standards. Incomplete or non-compliant applications will no longer be accepted after the deadline.

The move forms part of the central bank’s broader push to balance digital innovation with financial stability. BSP emphasized that only institutions with strong governance structures, effective risk management systems, and clear value propositions aligned with the needs of Filipino consumers will be granted licenses.

January moratorium lifted

At present, six digital banks operate in the Philippines. The BSP earlier lifted a moratorium in January, raising the cap to ten licenses, or four additional slots for new entrants.

The latest decision reflects the regulator’s cautious stance in managing the rapid growth of the digital banking sector, ensuring the system remains resilient while enabling technology-driven financial inclusion.