The Bangko Sentral ng Pilipinas (BSP, the Central Bank of the Philippines) has issued Circular No. 1105, Series of 20201 (Digital Bank Circular) dated December 2, 2020 to provide guidelines on the establishment of digital banks. This circular took effect on December 23, 2020 and was promulgated pursuant to the Monetary Board’s authority under Section 3.2(g) of the General Banking Law of 2000 to create other classes of banks. The circular is in addition to Monetary Board Resolution No. 1536 dated November 26, 2020 on the inclusion of “Digital Banks” as a distinct classification of banks and the corresponding guidelines for their establishment.
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