British fintech giant eyes digital bank license in Philippines

Manila, Philippines — The Bangko Sentral ng Pilipinas (BSP) is actively engaged in talks with British fintech firm Revolut regarding its potential entry into the Philippine digital banking arena. However, there is no confirmed schedule for the acquisition of a license, as the process hinges on the company's adherence to regulatory requirements and the BSP's evaluation procedures.

According to Deputy Governor Lyn Javier, Revolut maintains its interest in obtaining a digital banking license, emphasizing that the discussions are ongoing and highly significant. The duration of the approval remains uncertain, contingent on both Revolut's compliance with the necessary conditions and the BSP's assessment. There is no fixed timeline for when the license could be granted, as it depends on the preparedness of both parties involved.

In a recent development, the Department of Trade and Industry revealed that Revolut is contemplating the establishment of a wholly owned Philippine subsidiary to obtain digital banking and electronic money issuer (EMI) licenses from the BSP. The latter would permit the company to issue electronic money for transactions and fund transfers, while a digital banking license would allow it to provide banking services directly to customers in the Philippines.

This disclosure came after a meeting between Trade Secretary Cristina Roque and Revolut's global head of government affairs, Adam Gagen, in London on October 2. Revolut, which caters to over 68 million retail customers across 40 nations, has already set up a global technology hub in Manila, which opened in July 2025. The BSP presently holds seven licenses for digital banks, following MariBank Philippines Inc.'s conversion in July.

Three slots remain under the current limit of 10 licenses. However, the central bank has ceased accepting new digital bank applications since December 1, 2025, though applications submitted before the deadline will still be processed. When asked if the BSP could expand the number of licenses beyond 10 in the future, Javier stated that this decision would ultimately lie with the Monetary Board and would be contingent upon the applicants meeting all regulatory criteria.