The slots could go to popular 'digital' banks such as CIMB Bank Philippines, SeaBank, and OwnBank, if they would want to officially convert their existing bank licenses into digital ones
The slots could go to popular 'digital' banks such as CIMB Bank Philippines, SeaBank, and OwnBank, if they would want to officially convert their existing bank licenses into digital oneswill be facing more competition as the Bangko Sentral ng Pilipinas will soon allow as many as 10 digital banks to operate in the country.
“The grant of new digital bank licenses, which include the conversion of an existing bank’s license to digital bank license, aims to continuously harness the potential of these banks in bringing positive impact to the Philippine financial system while remaining sensitive to their attendant risks,” the BSP said in a statement on Thursday, August 8.
Having more capital freed up means that digital banks can serve a broader range of customers who might otherwise be left out by big banks. For instance, UnionDigital can still profitably serve a P1,000 loan whereas a larger bank might prioritize a P100,000 loan since the bank has a higher cost-to-serve.
The BSP said new applicants will go through a “rigorous licensing process” that looks into their value proposition, business models, and resource capabilities, on top of the standard licensing criteria.
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