British fintech giant eyes digital bank license in Philippines

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) remains in active discussions with British financial technology giant Revolut over its planned entry into the Philippine digital banking market, although there is no definite timeline for securing a license.

BSP Deputy Governor Lyn Javier said Revolut continues to express interest in obtaining a digital banking license, with discussions focusing on regulatory requirements and the company’s readiness to operate in the country.

“They are still interested,” Javier told reporters, describing the engagement as an “ongoing and very active discussion.”

However, Javier said the timing of any approval would depend on the company’s compliance with licensing requirements and the BSP’s assessment process.

Asked whether Revolut could secure a license before the end of the year, she said there was no fixed timeline, as the process would depend on the readiness of both the prospective applicant and the central bank.

Earlier this month, the Department of Trade and Industry disclosed that Revolut was exploring plans to establish a wholly owned Philippine entity and secure digital banking and electronic money issuer (EMI) licenses from the BSP.

An EMI license would allow the company to issue electronic money for payments and fund transfers, while a digital banking license would enable it to offer banking services directly to Philippine customers.

The announcement followed a meeting between Trade Secretary Cristina Roque and Revolut global head of government affairs Adam Gagen in London on Oct. 2.

Revolut, which serves more than 68 million retail customers across 40 markets, already operates a global technology hub in Manila that opened in July 2025.

Meanwhile, the BSP currently has seven licensed digital banks following MariBank Philippines Inc.’s conversion in July, leaving three available slots under the existing ceiling of 10.

However, the central bank stopped accepting new digital bank applications on Dec. 1, 2025, although applications submitted before the deadline may continue to be processed.

Asked whether the BSP could eventually increase the number of available licenses beyond 10, Javier said this would remain at the discretion of the Monetary Board, subject to applicants meeting regulatory requirements.