On Nov. 26, 2020, the Bangko Sentral ng Pilipinas (BSP) approved the framework that recognizes digital banks as a distinct category from existing bank classifications. This new regulation forms part of the Monetary Board’s Digital Payments Transformation Roadmap, which outlines the regulatory environment needed to cultivate digital innovation and transformation in the country. Furthermore, the framework also underscores the BSP’s mandate to “further promote market efficiencies and expand access of Filipinos to a broad range of financial products and services.”
Here are some of the salient points of the new regulation:
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