MANILA -- The Bangko Sentral ng Pilipinas (BSP) said no one has applied for a new digital bank license yet after the central bank reopened the application process this year.

However, the BSP said at least 4 firms have expressed intent and some of them were planning to become the country’s first Islamic digital bank.

BSP to accept 4 more digital banks next year

BSP Deputy Governor Chuchi Fonacier said 4 slots were open after they resumed the application process to increase the number of digital banks in the Philippines to 10 from the current 6. At least two, she said, were very interested.

“Meron dalawang very interested na players, pero wala pa formal application because they’re trying to complete pa the documentary requirements. But very very much interested na sila,” Fonacier told reporters.

The deputy governor did not disclose the names of the interested companies, but hinted they could be foreign firms. 

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“New players talaga sila. Pero they’re already digital banks in other jurisdictions, but in the Philippines, new players in the Philippines,” she said. 

Aside from these two possible applicants, Fonacier said two others could apply to become the country’s first Islamic digital bank. An Islamic bank complies with the principles of Sharia law and it does not involve interest.

Fonacier said the two players who are interested to become an Islamic digital bank are foreign, with one of them described as a major player in Malaysia.

“One bank talaga was asking about the possibility of becoming the first islamic digital bank. Existing bank na siya, gusto niya mag venture back then… May presence na here in the Philippines,” she said.

For the four open spots for digital banks, Fonacier urged potential applicants to ensure that they could offer something new to the public instead of just following the business model of existing digital banks.

“They have to have a very good value proposition. It should really be yung business model that would address something talaga na bago than the ones na ginagamit ng existing,” Fonacier said.

The deputy governor added that there was no timetable on when they would approve the licenses of digital banks. The six digital banks in the country include Maya Bank, UnionDigital Bank, GoTyme Bank, Tonik, Unobank, and the Overseas Filipino Bank of LandBank.

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