BSP to halt new digital bank applications starting December 1

The Bangko Sentral ng Pilipinas (BSP) will stop accepting new applications for digital bank licenses starting December 1, 2025, following a Monetary Board approval of a moratorium until further notice.

The moratorium, which took effect on September 18, 2025, will remain in place until further notice.

Interested parties have until November 30, 2025, to submit complete applications, which will be evaluated on a first-come, first-served basis.

The BSP aims to balance digital innovation with financial stability, ensuring applicants have sound governance and robust risk management frameworks.

The Monetary Board had previously lifted a moratorium in January 2025 and increased the limit for digital bank licenses to ten, allowing for four additional slots for new entrants.

The six existing digital banks are Maya, GoTyme, Union Digital Bank, UNO Digital Bank, Tonik Bank, and Overseas Filipino Bank.