The Bangko Sentral ng Pilipinas (BSP) said the emergence of digital banks can be a game-changer on the delivery of financial products and services from traditional brick-and-mortar banks.
Voyager Innovations, through its financial technology arm PayMaya Philippines, announced on Monday, Sept. 20, that it had obtained the approval of the Bangko Sentral ng Pilipinas (BSP) to establish a digital bank.
BSP governor Benjamin E. Diokno said, however, that applications for digital banking licenses will resume after three years if warranted by the circumstances.
GOtyme, a joint venture between the Gokongwei Group and Singapore-headquartered digital banking group Tyme, is expected to launch in the second quarter of 2022.
Voyager Innovations, the operator of digital wallet PayMaya, has announced that it raised $167 million to fast-track its digital financial services through PayMaya and its soon-to-be-established digital bank.
Bangko Sentral ng Pilipinas governor Benjamin Diokno said the central bank is putting a cap on the initial set of digital banking players as it wants to observe first the operations of these entities.
The Bangko Sentral ng Pilipinas (BSP) has approved the recognition of digital bank as a new bank category that is separate and distinct from existing bank classifications.
Regulatory policies on the establishment of digital banks are expected to be ready before the end of 2020, Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno said.
The state-owned digital-only Overseas Filipino Bank (OFBank) has registered about 300 account openings a day since its mobile app was launched last June 29, its president and chief executive officer Leila Martin said.
