ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Finance

Philippines greenlights 'digital banks' as pandemic drives demand

Central bank says branchless lenders will boost financial inclusion

The Philippines has decided to allow online-only banks in a bid to boost financial inclusion. (Source photos by Reuters and AP)

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."

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more