Philippines imposes long-term moratorium on digital banking licenses

Digital banks are expected to comply and register before August 31, or else they will have to wait another three years or more before applying again. The BSP Monetary Board will have to monitor the digital banking landscape and decide whether the number of digital banks is enough for the country’s digital economy. Southeast Asia’s digital banking boom2021 is the shining moment for digital banks in Southeast Asia. While neighbouring Thailand and Indonesia do not issue full digital banking licenses, both countries remain popular for neobanks and digital banks. In the next two to three years, these countries are expected to roll out a comprehensive digital banking roadmap in response to the digital banking boom in the region.

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