By Katherine K. chan, reporter
Bangko Central in Pilipinas (BSP) can complete its evaluation Out of three applicants for the new Under Digital Banking License first quarter, a topFIsial said.
BSP Deputy Governor Lynn I. Javier told reporters on Friday that the applications are still under evaluation and the list of candidates could be out before the end of March.
“Maybe (by the first quarter), we may have already selected potential candidates,” he said on the sidelines of a central bank event. “But still, it depends, and we can't say if there are other external factors, but that's our internal goal.”
The central bank had earlier told businessworld It received three applications before its deadline on November 30, 2025.
However, when asked whether the four slots previously opened for new digital banking licenses could be filled, Ms Xavier said: “Oh, we have yet to see because we still have to evaluate all the applications.”
He said the central bank is evaluating all the applications together to see which of them has a promising business model that “can truly provide value and better services to Filipinos.”
“(W)e have just received the applications and have explained the documentary scrutiny and assessment of the business models they propose, as well as how they meet the objectives of the BSP, for greater inclusivity, and whether they actually have the capacity to deliver,” the BSP deputy governor said.
In January last year, the BSP had lifted its three-year moratorium on digital bank licensing as it sought to add four new players or traditional banks willing to convert to digital. Operating in the industry.
United Kingdom-based financial technology company Revolut could be one of the country's new digital banks, said Angelito “Lito” M. Villanueva, president of Fintech Alliance.PH and executive vice president and chief innovation and inclusion of Rizal Commercial Banking Corp.FIcer.
“Well, I think among them, I mean, Revolut would be a shoo-in, right?” Mr. Villanueva said businessworld On the occasion of the same event.
He said, “Well, they have allowed four slots. (But) it is not that they have to fill all four, right? So, if only three or two are ready, then so be it.”
It has not yet been confirmed which people have filed their applications with the Central Bank.
In June 2025, the BSP said that a Europe-based digital bank had completed its application, while a rural bank had submitted an application but was still meeting the requirements.
Mr Villanueva also said the industry can look forward to applications for digital banking licenses from existing digital-first rural or commercial banks such as Salmon Bank, CIMB Bank, MaryBank and OwnBank.
“They are operating like digital banks but they have not actually obtained a digital bank license,” he said. “So, I think the better question now is, among those who are operating as digital banks, who will apply for a full-fledged digital bank license?”
Currently, only six digital banks – Tonic Digital Bank, GoTime Bank, Maya Bank, Overseas Filipino Bank, UNOBank and UnionDigital Bank – are licensed by the central bank to operate in the Philippines.