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] Digital banking and financial technology have been one of the most rapidly growing industries in Asia, seeing large success in countries such as South Korea, China, and Japan.
[1] A report by the BSP in 2019 claimed that 70% of Filipinos remained unbanked.
[2] Recognizing the necessity to digitalize, the BSP issued Circular No.
[4] The BSP has also announced that it has capped the number of licensed digital banks that will operate in the country to six (6), instead of seven originally planned.