Revolut advances Philippine digital banking license talks

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Revolut Philippine license talks

Highlights

Revolut remains in active talks with Bangko Sentral ng Pilipinas regarding a potential digital banking license, pending completion of regulatory requirements and evaluation.
The BSP, having lifted its application moratorium in January 2025, currently counts seven licensed digital banks and may issue additional licenses to new entrants or converted legacy banks.
The entry of Revolut as a foreign-backed player could increase competition for underserved segments, aligning with BSP's digital lending priorities.

Licensing process and regulatory review

As reported by BusinessWorld Online, BSP Deputy Governor Lyn I. Javier says Revolut remains in active talks with the Bangko Sentral ng Pilipinas about a possible digital banking license in the Philippines.

Javier, who heads the regulator's Financial Supervision Sector, says the UK-based fintech has been vocal about its plan to enter the country's digital banking market. She says the timetable for any license award within the year depends on Revolut's readiness to complete the evaluation process and satisfy requirements tied to establishing a foreign bank presence.

The central bank is still assessing applicants under standards that include governance, systems robustness, business model, value proposition and resource capabilities. Javier says discussions with Revolut remain ongoing and that progress depends on how quickly the company complies with regulatory requirements.

Market expansion and sector impact

The BSP reopened four slots for new digital banking players in January 2025 after a three-year moratorium on applications. The regulator later says three applicants met the Nov. 30 deadline last year, and in July this year it announces Maribank Philippines, Inc. as the country's newest digital bank.

That brings the total number of BSP-licensed digital banks to seven, including GoTyme Bank Corp., Maya Bank, Inc., Overseas Filipino Bank, Inc., Tonik Digital Bank, Inc., UnionDigital Bank, Inc. and UNObank, Inc. The entry of another foreign-backed player could intensify competition for underserved customer segments, an area the central bank has identified as a priority for digital lenders.

The BSP also says additional licenses may come from converting existing thrift, rural and cooperative banks, particularly those with digital-first models, subject to the Monetary Board's discretion. Revolut already holds banking licenses in the UK, Australia, Colombia and France, has conditional approval in the U.S., and sought a Swiss banking license in September.

In our earlier report on Philippine e-commerce payment trends, we noted that cash-on-delivery remains unusually persistent despite rapid growth in digital options like QR codes and bank transfers. The data also showed digital payments reached 64.7% of total retail payment volume in 2025, while merchants face pressure to support a wider range of payment methods as checkout preferences directly affect conversion.

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