UK-based Revolut eyes Philippines digital bank license
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.
British fintech giant Revolut is exploring the possibility of establishing a wholly-owned operation in the Philippines and obtaining licenses to provide digital banking and payment services, according to a statement from the Department of Trade and Industry (DTI). The DTI is assisting Revolut in navigating regulatory pathways and corporate structures necessary to obtain digital banking and electronic money issuer (EMI) licenses from the Bangko Sentral ng Pilipinas (BSP).
EMI is a financial institution authorized to issue electronic money, allowing customers to make payments and transfer funds electronically.
Trade Secretary Cristina Roque met with Revolut's global head of government affairs, Adam Gagen, to discuss the company's plan to enter the Philippine market. Roque expressed enthusiasm for the potential collaboration in digital banking, cross-border payments, and financial inclusion. The expansion would mark a significant step for Revolut, moving beyond its existing technology and operational presence in Manila to offering regulated financial services directly to Philippine customers.
However, Revolut must first navigate the BSP's licensing framework, as the central bank closed the application window for digital banks on December 1, 2025. As of now, up to 10 digital banks are allowed, with MariBank Philippines being the most recent addition in July. With only three more slots remaining, Revolut would need to secure its EMI license well before the deadline to make a successful entry into the Philippine digital finance market.
The DTI is supporting Revolut in its efforts to open discussions with relevant government agencies and explore the company's proposed investment.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
