Philippines to close digital bank licence applications as GOtyme gets the nod

Bangko Sentral ng Pilipinas (BSP), the central financial institution of the Philippines, has introduced it’s going to not be accepting functions for brand new digital banking licences from 1 September 2021.

The submission window for brand new functions will shut on 31 August​

The BSP says the submission window for licence functions from new digital banks, together with changing banks, will shut on 31 August​ 2021.

The window will stay closed for 3 years, in accordance with Bloomberg.

​The central financial institution says the choice has been made to keep up “a steady and aggressive surroundings for banks”.

“The closure of the appliance window will enable the BSP to observe the efficiency and influence of digital banks on the banking system and their contribution to the monetary inclusion agenda,” says BSP governor Benjamin Diokno.

“We have to be certain that the enterprise surroundings continues to permit wholesome competitors amongst banks, enabling them to supply progressive and aggressive monetary services to their shoppers.”

The regulator provides new functions obtained earlier than the deadline “shall be processed on a first-come, first-served foundation” assuming they meet the required standards.

GOtyme will get digital licence

The information comes as aspiring neobank GOtyme revealed it has been granted a digital banking licence from the BSP to function within the nation.

The corporate, a partnership between Philippine conglomerate Gokongwei Group and the Singapore-headquartered digital banking group Tyme, says it goals to “drive monetary entry for all Filipinos”.

It’s anticipated to launch within the second quarter of 2022.

GOtyme turns into the fifth firm to obtain a digital banking licence from the regulator, following Unobank, Union Digital Financial institution, Abroad Filipino Financial institution and Tonik Financial institution.

The BSP provides it’s at the moment processing two different digital financial institution functions.

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