Revolut seeks Philippine digital bank licence as talks continue
The central bank says approval depends on regulatory compliance and readiness, with no fixed schedule for a decision.
Revolut’s proposed move into digital banking in the Philippines remains under discussion with the Bangko Sentral ng Pilipinas (BSP), but there is no firm date for a licensing decision, BSP Deputy Governor Lyn Javier said.
Javier said the British fintech company remained interested and talks were addressing licensing conditions and its ability to begin local operations. Whether approval could come before the end of 2026 would depend on compliance, the central bank’s assessment and both sides’ readiness, she said.
The Department of Trade and Industry said in October that Revolut was exploring a wholly owned entity in the Philippines and seeking two licences: one for digital banking and another for electronic money issuance.
The disclosure came after an Oct. 2 meeting in London between Trade Secretary Cristina Roque and Adam Gagen, Revolut’s global head of government affairs. The electronic money licence would cover payments and transfers, while digital banking approval would let Revolut serve Philippine banking customers directly.
Seven digital banks are currently licensed in the country, following the July conversion of MariBank Philippines Inc. That leaves three slots within the cap of 10. Applications closed on Dec. 1, 2025, although submissions made before that date may still be processed.
Javier said the Monetary Board would decide whether to lift the cap, with applicants required to meet regulatory conditions.
Revolut has more than 68 million retail customers in 40 markets. Its Manila global technology hub began operating in July 2025.
