Instead of putting up a branch or a branch-lite unit, these banks shall only be allowed to establish an office dedicated to receiving and addressing customer concerns. The BSP shall emphasize “quality vs quantity” when issuing digital bank licenses.
This means that we shall continue to adopt prudential standards when granting a digital bank authority, permitting only applicants meeting our financial and risk management requirements. We are now refining our digital banking framework, based on comments received from both internal and external stakeholders.