The Central Bank of the Philippines announced it will stop accepting new applications for digital bank licences starting 1 December 2025, following the Monetary Board’s approval of a moratorium on digital bank licensing on 18 September 2025 that will remain in place until further notice. Applicants have until 30 November 2025 to submit complete applications, which will be evaluated on a first-come, first-served basis and must meet all BSP documentation and licensing requirements in both form and substance. Incomplete or non-compliant submissions will not be accepted after the deadline. The BSP framed the move as part of efforts to balance digital innovation with financial stability, with licensing focused on sound governance, robust risk management, and a value proposition aligned with the needs of Filipinos; six licensed digital banks are currently operating. It also noted that an earlier moratorium was lifted in January 2025, when the cap on digital banks was increased to ten, allowing up to four additional licences.

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