These banks shall only be allowed to establish an office dedicated to receiving and addressing customer concerns. With an envisioned minimum capitalization of P1 billion, digital banks are expected to contribute to the greater efficiency in the delivery of financial products and services, and in expanding reach to the unbanked market segments.
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.