BSP to Release Shortlist for 4 New Digital Bank Licensees in Q1 2026; Eyes Foreign Players

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The Bangko Sentral ng Pilipinas (BSP) has confirmed that it will soon release a shortlist of contenders for four new digital banking licenses.

The list is expected to be forwarded to the Monetary Board within the first quarter of 2026.

Alongside this announcement, the central bank emphasized that the entry of foreign-backed players could introduce much-needed competition to the country’s growing digital banking industry.

The Search for “Unique Value”

After lifting its three-year moratorium on new applications in 2025, the BSP is now vetting candidates for the next wave of digital banks.

Currently, there are six licensed digital banks operating in the country: UNO Digital Bank, UnionDigital Bank, GoTyme, Tonik, Maya Bank, and the Overseas Filipino Bank (OFBank).

However, for this new batch, the BSP has raised the bar. The regulator stated that only applicants offering a “unique value proposition” will be included in the shortlist. According to BSP Deputy Governor Lyn Javier, this means finding players with new and innovative business models that differ from what the existing six banks already offer.

“We have to look at them and see the most promising business models that can actually provide value and greater services to the Philippines.”

Lyn Javier, Deputy Governor, Bangko Sentral ng Pilipinas

Despite the focus on innovation, the financial requirement remains strict: all applicants must still have a minimum capitalization of ₱1 billion.

Foreign-Backed Digital Banks, A Game Changer?

The BSP also revealed that it expects and welcomes the potential entry of foreign-backed digital banks among the four new licensees.

According to Deputy Governor Javier, international players could drive down costs and improve service quality for Filipinos.

“Potential entry of foreign-backed banks could help in lowering the cost, providing more transparent services, streamlining onboarding and payments through frictionless digital platforms or apps, and offering efficient cross-border solutions, which can directly benefit Filipino consumers around the globe,”

Lyn Javier, Deputy Governor, Bangko Sentral ng Pilipinas

It is worth noting that three of the current licensed digital banks already have significant foreign backing or exposure:

• GOtyme, an affiliate of the Gokongwei Group and Singapore-based fintech firm Tyme Group.
• Tonik, a neobank that also has offices in Singapore and India.
• UNO Bank, which is backed by Singapore-based fintech company UNOAsia.

What is a Digital Bank?

Digital Bank is a distinct banking category in the Philippines. Like traditional banks, they offer financial products (savings, loans, etc.), but their services are processed end-to-end through digital platforms with minimal to no reliance on physical branches.

Because they do not maintain expensive physical branches, digital banks operate with lower costs. This efficiency allows them to offer significantly higher interest rates on savings accounts compared to traditional banks.

For a complete guide on which banks offer the best rates, check out the BitPinas list, which has been consistently updated every month for over two years: