On Sep. 25, 2025, PHI CB issued memo re closure of digital bank application window.
Applications submitted until Nov. 30, 2025 will be processed on a first-come, first-served basis, subject to complete documentation, compliance with licensing criteria.
On Aug. 8, PHI CB lifted moratorium on establishment of digital banks.
PHI CB approved the lifting of the moratorium on the grant of new digital banking licenses starting Jan. 1, 2025, and allowed a maximum of 10 digital banks to operate.
The grant of new digital bank licenses aims to continuously harness the potential of these banks in bringing positive impact to the Philippine financial system.
Since the issuance of the Digital Banking Framework in Dec. 2020, 6 digital banks have been operating; the lifting of the moratorium will accommodate 4 more licensees.
Application Process
In the new window, applicants will be subjected to a rigorous licensing process that will look into their value proposition, business models, and resources capabilities.
This is in addition to compliance with the standard licensing criteria which encompasses the assessment of the transparency of banks’ ownership.
As well as the control structure, suitability of shareholders, fitness and propriety of directors and senior management, adequacy of capital, and banks’ strategic plan.
Only applicants that have demonstrated capacity to meet the minimum criteria and offer unique value proposition or develop new models will be granted a license.
Applicants must also display sufficient capabilities and readiness to deploy their digital solutions and to sustainably grow their business within the Philippine setting.
Dec. 2024 Establishing Banks
On Dec. 26, 2024, PHI CB approved the lifting of the moratorium on the grant of new digital banking licenses, including conversion of existing banks' licenses to digital.
Lifting of moratorium starts Jan. 1, 2025, subject to prudential limits and conditions.
The Manual of regulation for banks (MORB) has been amended to reflect this change.
Sep. 2025 Moratorium on Applications
On Sep. 25, 2025, PHI CB said it will stop accepting new applications for digital bank licenses starting Dec. 1, 2025; following a moratorium approved on Sep. 18, 2025.
Applicants must submit complete applications by Nov. 30, 2025; incomplete or non-compliant submissions will not be accepted.
The move aims to balance digital innovation with financial stability, allowing only banks with strong governance, risk management, and clear value propositions.
Sep. 25, 2025 Application Reminder
On Sep. 25, 2025, PHI CB issued memo re closure of digital bank application window.
Applications submitted until Nov. 30, 2025 will be processed on a first-come, first-served basis, subject to complete documentation, compliance with licensing criteria.
