BSP drafts digital banking guidelines

The Bangko Sentral ng Pilipinas (BSP) is looking to require digital banks that want to operate in the Philippines to set aside at least P400 million for capitalization.

A draft of the guidelines obtained by reporters said that the central bank is including “digital banks” as a distinct classification of banks in line with its aim to promote an enabling regulatory environment that allows responsible innovation to flourish, promotes cyber resilience and contributes to advancing the digitalization of the financial industry.