Digital banks in the Philippines are a new formal category of banks which were only approved by the Bangko Sentral ng Pilipinas (BSP), the country's central bank, in 2020.[1] The first such banks launched in the Philippines were Tonik, Overseas Filipino Bank, and UnionDigital of UnionBank Corp. Several more banks were approved by the BSP before 2021, when it announced that it would stop approving the establishment of further digital banks for three years, in order to strengthen the industry and assure healthy competition among its players.[2]
^Noble, L.W.T. (2020-12-04). "BSP releases guidelines for establishment of digital banks". BusinessWorld. Retrieved 2021-12-02.
^Lucas, Daxim L. (2021-08-19). "In surprise move, BSP sets 3-year moratorium on new digital banking licenses". INQUIRER.net. Retrieved 2021-12-01.
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