BSP sees more foreign investments in digital banking

The Bangko Sentral ng Pilipinas sees more investment inflows from foreign banks for digital banking in the country.

Governor Benjamin Diokno said the central bank anticipates growth in foreign investment in digital banking.

Diokno said, “In fact, a number of new and incumbent foreign banks have expressed intent to establish a new digital bank or convert their existing license to a digital bank license.”

BSP Policy and Specialized Supervision Sub-Sector managing director Lyn Javier said the central bank has received queries and interest from foreign banks in Europe and Asian regions.

At least three banks have completed phase one of the licensing process for digital banks, Javier said, adding that the BSP will continue to evaluate other applications upon submission of complete documents.

Foreign banks also have huge prospects in partnering with the private sector in promoting investments in infrastructure and sustainable finance.

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