Bangko Sentral says applicants for 7th digital bank failed to complete requirements

Warren De Guzman, ABS-CBN News

Posted at Oct 04 2021 10:20 AM

MANILA - The Bangko Sentral ng Pilipinas said Monday there won't be a 7th digital banking license granted since applicants for the slot failed to submit the complete requirements.

The BSP earlier said it would only approve 7 digital banking licenses in the first phase to assess the new financial instrument's impact on the Philippine economy.

"It turned out the 9 additional applicants failed to submit the necessary documents," Diokno said in a virtual event hosted by the Financial Executives Institute of the Philippines (FINEX). 

Applications for new digital banks were closed last Aug. 31.

The BSP has awarded digital banking licenses to Landbank's OF Bank, Tonik Bank, UnoBank, UnionDigital, GOTyme and Maya Bank. 

Digital banks have no physical branches and were designed to streamline access to financial services by reducing requirements when opening a bank account.

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