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2 digital banks to start this year – BSP – Manila Bulletin

Published April 29, 2021, 4:40 PM
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno expects to have two online-only banks with digital bank license to start operation by the second half of 2021, including Overseas Filipino (OF) Bank.
Diokno said another two new digital banks with no existing banking license from the BSP are expected to start their business by middle of 2022 after completing the BSP’s pre-operating requirements and compliance to the P1 billion minimum capital.
BSP Governor Benjamin E. Diokno (Credit: BSP photo)
So far, Diokno said they have received four formal applications for digital bank license including OF Bank, a subsidiary of state-owned Land Bank of the Philippines, and this application has been approved last March 25. ....

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More than 5 digital banks eyed

Published April 22, 2021, 6:00 AM
The Bangko Sentral ng Pilipinas’ (BSP) five-only digital banks is not a long-term limit and can be lifted depending on demand and requirement, according to BSP Governor Benjamin E. Diokno.
“At the moment our policy is to consider among applicants the top five banks that we are willing to consider,” said Diokno. “Depending on our experience, we may expand the number of digital banks,” he said during the Asian Development Bank-hosted online discussion on BSP’s financial digitalization and inclusive COVID-19 recovery plans on Wednesday.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno ( Bloomberg file photo) ....

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Digital Banking: Philippines based OFBank Acquires the Country's First Virtual Bank License

Overseas Filipino Bank (OFBank), which is a wholly-owned subsidiary of the
Land Bank of the Philippines (LANDBANK), has managed to acquire an operational license following the introduction of the
Bangko Sentral ng Pilipinas’ (BSP) updated virtual banking guidelines.
OFBank was reportedly provided a digital banking license on March 25, 2021 after the institution was approved for the initial phase of the BSP’s three-stage licensing process – which applies specifically to newly launched virtual banks. OFBank’s license is different from other all-digital banking challengers or neobanks which have been issued a rural banking license that follows a separate set of guidelines.
OFBank had been carrying out its banking activities in June 2020 using its old license. The banking platform was operating as a thrift bank while its management was working to make key changes so that it could successfully transition into an all-digital bank. ....

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OFBank is officially first digital-only bank in PH after obtaining BSP banking license

MANILA, Apr. 3 The Overseas Filipino Bank (OFBank) has officially become the first branchless digital-only bank in the country’s history after securing a digital banking license from the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP).
A wholly owned subsidiary of the Land Bank of the Philippines (LANDBANK), the OFBank was able to commence its banking operations in June last year using its then existing license to operate as a thrift bank.
The MB issued the OFBank s digital banking license last March 25.
Finance Secretary Carlos Dominguez III said “this milestone in the country’s banking history not only fulfills President Duterte’s campaign pledge to create a bank that caters to overseas Filipinos, but will also help the Philippines leapfrog to the digital economy.” ....

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OF becomes PH first digital bank

OF becomes PH first digital bank
mb.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mb.com.ph Daily Mail and Mail on Sunday newspapers.

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