The Bangko Sentral ng Pilipinas ( BSP ), the Philippines’ central bank, is again planning to halt new applications for fully digital bank licences in the country.

The BSP states, in an announcement made last week, that it will accept new applications only until November 30, and interested parties have until then to submit their complete applications.

The move follows the monetary board’s approval of a moratorium on digital bank licensing earlier in September, which, according to the central bank, will remain in place “until further notice”.

“These [applications] will be evaluated on a first-come, first-served basis and must meet all documentation and licensing requirements of the BSP, both in terms of form and substance,” the central bank notes. “Incomplete or non-compliant submissions will not be accepted after the deadline.”

The decision, the central bank adds, is part of its broader effort to balance digital innovation with financial stability.

“By carefully evaluating applicants,” the bank points out, “the BSP aims to ensure that only those with sound governance, robust risk management frameworks and a compelling value proposition that meets the needs of Filipinos will be granted digital banking licences.”

This is not the first time the BSP has halted digital banking applications in the country. In 2021, the central bank also stopped accepting new applications, including applications from traditional lenders to convert their existing licences into fully digital ones, but the moratorium was lifted in August 2024 after nearly three years.

In the Philippines, a digital bank is defined as a bank with no physical bank branches. There are currently six fully digital banks in the country – GOTyme, Maya Bank, Overseas Filipino Bank ( OFBank ), Tonik Bank, UNObank and UnionDigital of the Union Bank of the Philippines.

The BSP, when it reopened application in August 2024, said it could possibly grant up to four new licences, increasing the cap on the number of digital banks to 10.