The BSP shall also continue to adopt prudential standards when granting a digital bank authority, permitting only applicants meeting our financial and risk management requirements. We envision a minimum P1 billion capitalization for digital banks. We constantly remain vigilant and proactive against cyberthreats, which soared during the lockdown as financial consumers conducted more transactions online.
The BSP advocates the ”zero trust model,” directing its supervised financial institutions to subject any access to their digital infrastructure to verification and security screening. The BSP has also embarked on cybersecurity campaigns, issuing advisories to warn the public on emerging cyberthreats and scams especially during this unprecedented health crisis The COVID-19 era has indeed changed the way we live, work, and play.