PLDT Secures Digital Banking License

Share some Bitpinas love:

By Shiela Bertillo

Maya Bank, affiliated with PLDT’s Voyager Inc., secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). This approval of the central bank brings the total of 6 digital banks allowed to operate under the new banking classification.

“Confirmed,” BSP Governor Benjamin Diokno replied when asked if the application of Maya Bank to operate as a digital bank was approved. 

Currently, the BSP has granted five companies a green light to operate as a digital bank, namely; Overseas Filipino Bank, Tonik Digital Bank, UNObank, Union Digital Bank and GOtyme. (Read More: Gokengwei-backed GOtyme Secures Digital Bank License)

However, on August 19, the BSP announced under the  Memorandum 2021-046, that it will no longer be receiving applications for new digital banks, including banks wanting to convert their status, and  limiting the number of licenses to seven.

Digital bank applications sent in to BSP until 31 August 2021 were processed on a first come, first served basis. Applications submitted with documentary deficiencies and/or non-compliance with the licensing criteria would be returned and considered closed by the BSP.

Moreover, aside from limiting the number of players to seven, the central bank also imposed a three-year moratorium on the grant of digital banking licenses

“The closure of the application window will allow the BSP to monitor the performance and impact of digital banks on the banking system and their contribution to the financial inclusion agenda.” said Diokno. (Read More: UnionBank to Launch Digital Bank in 2022)

The BSP introduced the application for the new digital banking license last December. The application requires applicants to have a minimum capitalization of P1 billion. Digital banks are subject to the same requirements as other bank types, although these requirements are recalibrated to be in line with these new bank type’s business model and risk profile.

Digital banks, an end-to-end platform, features banking activities online, which were historically only available at a bank branch.

This article is published on BitPinas: PLDT Secures Digital Banking License

Share some Bitpinas love:

Crypto and Web3 Jobs Philippines

New on BitPinas: Web3 and Crypto Job Portal

Watch Next:

Binance Head of APAC responds to Infrawatch, reveals VASP license status:
Follow on social and subscribe to our newsletter
16 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

[…] ng PLDT ang ika-anim na Digital Bank License mula sa Bangko Sentral. Kahanay na sila ngayon ng Unionbank at Gokongwei Group sa bagong mundo ng branch-less banking. […]

[…] ng PLDT ang ika-anim na Digital Bank License mula sa Bangko Sentral. Kahanay na sila ngayon ng Unionbank at Gokongwei Group sa bagong mundo ng branch-less banking. […]

[…] ng PLDT ang ika-anim na Digital Bank License mula sa Bangko Sentral. Kahanay na sila ngayon ng Unionbank at Gokongwei Group sa bagong mundo ng branch-less banking. […]

[…] ng PLDT ang ika-anim na Digital Bank License mula sa Bangko Sentral. Kahanay na sila ngayon ng Unionbank at Gokongwei Group sa bagong mundo ng branch-less banking. […]

[…] ng PLDT ang ika-anim na Digital Bank License mula sa Bangko Sentral. Kahanay na sila ngayon ng Unionbank at Gokongwei Group sa bagong mundo ng branch-less banking. […]

[…] ng PLDT ang ika-anim na Digital Bank License mula sa Bangko Sentral. Kahanay na sila ngayon ng Unionbank at Gokongwei Group sa bagong mundo ng branch-less banking. […]

[…] Last September, PayMaya-affiliated Maya Bank secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank was the sixth and last applicant to get a digital banking license from the central bank along with  Overseas Filipino Bank of Land Bank of the Philippines, Tonik Bank of Singapore, UNObank of Singapore, UnionDigital of Union Bank of the Philippines, and GOtyme of Robinsons Bank Corp.  (Read more: PLDT Secures Digital Banking License) […]

[…] Final September, PayMaya-affiliated Maya Financial institution secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Financial institution was the sixth and final applicant to get a digital banking license from the central financial institution together with  Abroad Filipino Financial institution of Land Financial institution of the Philippines, Tonik Financial institution of Singapore, UNObank of Singapore, UnionDigital of Union Financial institution of the Philippines, and GOtyme of Robinsons Financial institution Corp.  (Learn extra: PLDT Secures Digital Banking License) […]

[…] Last September, PayMaya-affiliated Maya Bank secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank was the sixth and last applicant to get a digital banking license from the central bank along with  Overseas Filipino Bank of Land Bank of the Philippines, Tonik Bank of Singapore, UNObank of Singapore, UnionDigital of Union Bank of the Philippines, and GOtyme of Robinsons Bank Corp.  (Read more: PLDT Secures Digital Banking License) […]

[…] Last September, PayMaya-affiliated Maya Bank secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank was the sixth and last applicant to get a digital banking license from the central bank along with  Overseas Filipino Bank of Land Bank of the Philippines, Tonik Bank of Singapore, UNObank of Singapore, UnionDigital of Union Bank of the Philippines, and GOtyme of Robinsons Bank Corp.  (Read more: PLDT Secures Digital Banking License) […]

[…] Last September, PayMaya-affiliated Maya Bank secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank was the sixth and last applicant to get a digital banking license from the central bank along with  Overseas Filipino Bank of Land Bank of the Philippines, Tonik Bank of Singapore, UNObank of Singapore, UnionDigital of Union Bank of the Philippines, and GOtyme of Robinsons Bank Corp.  (Read more: PLDT Secures Digital Banking License) […]

trackback

3introducing

[…] The launch is set to happen 6 months after it secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank, is among the 6 licensed digital banks in the Philippines; the other banks are Overseas Filipino Bank, Tonik Digital Bank, UNObank, Union Digital and GOtyme. (Read more: PLDT Secures Digital Banking License) […]

[…] The launch is ready to occur 6 months after it secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Financial institution, is among the many 6 licensed digital banks within the Philippines; the opposite banks are Abroad Filipino Financial institution, Tonik Digital Financial institution, UNObank, Union Digital and GOtyme. (Learn extra: PLDT Secures Digital Banking License) […]

[…] The launch is set to happen 6 months after it secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank, is among the 6 licensed digital banks in the Philippines; the other banks are Overseas Filipino Bank, Tonik Digital Bank, UNObank, Union Digital and GOtyme. (Read more: PLDT Secures Digital Banking License) […]

[…] The launch is set to happen 6 months after it secured a digital banking license from the Banko Sentral ng Pilipinas (BSP). Maya Bank, is among the 6 licensed digital banks in the Philippines; the other banks are Overseas Filipino Bank, Tonik Digital Bank, UNObank, Union Digital and GOtyme. (Read more: PLDT Secures Digital Banking License) […]