MANILA -- The Philippine central bank on Thursday said it will allow the establishment of online-only banks in a move aimed at further expanding digital financial services, which have grown explosively across Southeast Asia amid the pandemic.
Bangko Sentral ng Pilipinas, or BSP, created a new license category for "digital banks," defined as those that offer "financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branches."
