MANILA, Philippines — Digital banks that will be put up under the central bank’s new framework for a new category of financial institutions that will operate without physical branches will be subject to the same level of prudential controls and risk mitigation measures as their established conventional counterparts.
Thus said the Bangko Sentral ng Pilipinas after its Monetary Board approved the rules that set the parameters for the policy aimed at bringing as many as 70 percent of the country’s population into the formal banking system in three years’ time.
“Digital banking applicants are expected to have sound digital governance, robust, secure and resilient technology infrastruc…
Keep on reading: BSP: new digital banks subject to same risk standards as conventional counterparts