Revolut seeks digital banking license in the Philippines, currently in discussions with the local central bank

on October 26, according to Crowdfund Insider, UK fintech Revolut is actively negotiating with the Bangko Sentral ng Pilipinas (BSP) regarding an application for a local digital bank license. BSP Deputy Managing Director Lyn I. Javier stated that discussions are ongoing, but whether Revolut ultimately enters the Philippine market depends on its compliance with regulatory requirements.

Revolut must undergo assessment by the BSP and meet relevant requirements for foreign banks to establish local operations. The specific timeline will depend on the company’s compliance readiness.

The BSP reopened digital bank license applications in January 2025, following a three-year suspension, and added four new slots. There are currently seven approved digital banks in the Philippines.