According to ChainCatcher, citing Crowdfund Insider, Lyn I. Javier, Deputy Governor and Head of Financial Regulation at the Bangko Sentral ng Pilipinas (BSP), revealed that UK-based fintech company Revolut is in active discussions with the BSP to obtain a digital banking license in the Philippines. She noted that Revolut must successfully pass the BSP’s evaluation process, including meeting requirements for establishing a foreign bank branch in the Philippines. The exact timeline for approval depends on the company’s progress in meeting regulatory compliance standards. Revolut currently holds banking licenses in the UK, Australia, Colombia, and France, and has received conditional approval to establish a bank in the United States. Additionally, the company applied for a banking license in Switzerland in September.
Revolut in Talks for Digital Bank License in the Philippines
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Summary
Revolut, a UK-based fintech company, is in discussions with the Bangko Sentral ng Pilipinas (BSP) for a digital banking license in the Philippines. Deputy Governor Lyn I. Javier stated that the company must meet licensing requirements, including standards for foreign bank operations. Revolut already holds licenses in the UK, Australia, Colombia, and France, and has received conditional approval in the US. It also applied for a Swiss license in September. The company’s move underscores its expansion amid evolving regulations for digital assets.
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