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Philippines to stop accepting digital bank license applications

Number of challengers to traditional lenders to be capped at seven for now

The Philippine central bank says seven digital banking license are enough for now as it monitors the impact of new players on traditional lenders. (Source photo by Reuters) 

MANILA -- The Philippine central bank on Thursday said it will stop accepting digital bank license applications next month and will cap the number of players to seven for now.

The move will allow regulators to monitor the performance of the new players aiming to challenge the country's traditional lenders, central bank Gov. Benjamin Diokno said.

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