The Bangko Sentral ng Pilipinas (BSP) announced on Thursday, Sept. 25, that it will stop accepting new applications for digital banking licenses beginning Dec. 1, 2025, effectively closing the application window just 11 months after it was reopened.
The move comes after the BSP approved a new moratorium on digital bank licensing on September 18, 2025. The moratorium will remain in effect until further notice, as the BSP seeks to carefully manage the growth of the digital banking sector.
Applicants interested in securing a license have until Nov. 30, 2025 to submit complete applications. The central bank stressed that submissions will be evaluated on a first-come, first-served basis, provided that all documentation and licensing requirements are fully met in both form and substance. Incomplete or non-compliant applications will be rejected outright.
The BSP said the decision is part of its broader effort to strike a balance between fostering innovation and safeguarding financial stability.
“Only players with sound governance, robust risk management, and a compelling value proposition that addresses the needs of Filipinos will be granted digital banking licenses,” the regulator said.
At present, six licensed digital banks are operating in the country. Earlier this year, in January 2025, the BSP lifted its initial moratorium and raised the cap on digital banks to 10, allowing for up to four additional players.
The new moratorium, however, effectively limits opportunities to those able to complete their applications before the end of November.
The BSP has emphasized the role of digital banks in promoting financial inclusion, particularly by reaching unbanked and underserved Filipinos. But it has also warned that rapid growth in the sector, if left unchecked, could pose risks to systemic stability.
