BSP Allows Full Operation of these 6 Digital Banks in PH

BSP Issues COA to Operate to 6 Digital Banks

BSP – Bangko Sentral ng Pilipinas allowed the full operation of six (6) digital banks in the Philippines following requirement compliance.

The banking industry in the Philippines has come a long way. Nowadays, there are several banks that you can turn to and they have a lot of branches across the nation. Many of these banks have obtained the trust of the Filipino populace.

Most banks do not only offer accounts such as savings, deposit, and time deposit accounts but as well as loans, credit cards, and investment products. There are also banks that offer insurance policies in partnership with other insurance firms.

However, amid the COVID-19 pandemic, banks were also among the institutions that needed to adjust to the new normal setting. There were instances when their operation was limited – shortened banking hours, boosting of the online services, and operation under skeletal force.

Amid the pandemic, there were several applications for digital bank operation. Bangko Sentral ng Pilipinas (BSP) approved several applications following the compliance of requirements. Previously, the Central Bank also cited that the Central Banks can help in the recovery of the country’s economy.

Based on a report on ABS-CBN News, the BSP recently allowed two (2) more digital banks for full operation. The recent move brings the total number of digital banks permitted to operate fully in the country to six (6).

According to the report, BSP recently issued the Certificate of Authority (COA) to Operate to UnionBank’s UnionDigital Bank Inc. and GoTyme Bank Corp by the Gokongwei Group of Companies.

Aside from UnionDigital and GoTyme, the other digital banks that are allowed to be in full operation in the country are the Tonik Digital Bank, Maya Bank, Landbank’s Overseas Filipino Bank, and UnoBank.

Tonik Bank, OF Bank, and Maya are now fully operational while the UnionDigital, GoTyme, and UnoBank have started limited operations. More updates may be posted soon.

You may also read – Tonik Digital Bank Cash Loan: How To Apply for this Offer