European digital bank eyes PH entry

A European digital bank has formally expressed interest in entering the Philippine market, making it the first to submit paperwork under the Bangko Sentral ng Pilipinas (BSP)'s reopened digital banking application window.

- By KEISHA TA-ASAN

"We've received one application so far. It's from a foreign entity based in Europe," BSP Deputy Governor Chuchi Fonacier said.

"Others have only signaled interest, but have yet to submit the necessary documents," she said.

The application is still in the initial stages, with the prospective player completing documentary requirements for evaluation. Fonacier declined to disclose further details, citing confidentiality protocols.

She said the new applicant offers a strong value proposition that targets gaps not yet addressed by the current digital banks, particularly in providing better services for the underbanked.