UK-based Revolut eyes Philippines digital bank license

MANILA, Philippines — British financial technology giant Revolut is looking to establish a wholly owned Philippine entity and secure licenses to offer digital banking and payment services, potentially adding another major foreign player to the country’s growing digital finance market.

The Department of Trade and Industry (DTI) said Revolut is evaluating regulatory pathways and corporate structures to obtain digital banking and electronic money issuer (EMI) licenses from the Bangko Sentral ng Pilipinas (BSP).

An EMI is a financial institution authorized to issue electronic money, or monetary value stored electronically that customers can use for payments and fund transfers.

Trade Secretary Cristina Roque met with Revolut global head of government affairs Adam Gagen at the fintech company’s headquarters in Canary Wharf, London on Oct. 2 to discuss its broader Philippine market-entry strategy.

“The Philippines welcomes Revolut’s continued interest in our market,” Roque said in a statement. “We see even greater opportunities for collaboration in digital banking, cross-border payments and financial inclusion.”

The planned expansion would take Revolut beyond the technology and operational presence it established in Manila last year and into regulated financial services offered directly to Philippine customers.

However, Revolut has to navigate the BSP’s licensing framework before it can launch banking services locally.

The central bank closed the application window for the establishment of digital banks on Dec. 1, 2025, although applications submitted by Nov. 30 last year continue to be processed.

The BSP currently allows a maximum of 10 digital banks. MariBank Philippines became the seventh licensed digital bank in July, leaving room for up to three more players under the existing ceiling.

“We want more Filipino entrepreneurs and consumers to benefit from secure, affordable and innovative financial services. Companies like Revolut can help make that happen, especially as we continue to build a more digital, inclusive and globally connected Philippine economy,” Roque said.

The DTI offered to facilitate discussions between Revolut and relevant government agencies as the company explores its proposed investment.

Revolut already has a presence in the country through its global technology hub in Manila, which it launched in July 2025 to support operations across the United Kingdom, Europe, Asia-Pacific and the Americas.