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The Bangko Sentral ng Pilipinas is open to the idea of approving more digital bank applications, Governor Eli Remolona said Wednesday.
“We are looking at their business models… We are learning and they are learning… We hope we can begin issuing licenses again,” Remolona said. Digital banks, unlike brick-and-mortar banks, have minimal or zero-reliance on physical touchpoints as their products and services are processed end-to-end through digital platforms or electronic channels.
The governance expectations, Basel III standards, and prudential reporting requirements applicable to universal and commercial banks also apply to digital banks.
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