European digital bank eyeing PH

While several digital banks are interested in securing banking licenses from the Bangko Sentral ng Pilipinas (BSP), only one foreign digital bank from Europe has formally submitted an application, offering to plug the credit scoring and other gaps in existing entities.

- By DERCO ROSAL

BSP Deputy Governor Chuchi G. Fonacier told reporters on the sidelines of the ceremonial launch of the Protect Your Money (PYM) campaign on Tuesday, June 17, that “there’s only one” digital bank that has proceeded to process the requirements necessary to secure a digital banking license.

“As far as I know, there’s only one—because the others are just expressions of interest. But this one, they really have the requirements that need to be completed,” Fonacier, who handles the central bank’s financial supervision sector, said.