The Bangko Sentral ng Pilipinas (BSP) is continuing its regulatory discussions with Revolut as the British fintech company explores establishing a digital banking presence in the Philippines. However, the central bank has yet to set a deadline for approving a potential application.
BSP Deputy Governor Lyn Javier confirmed that Revolut remains interested in entering the market, with ongoing talks centered on licensing requirements and the company’s preparedness to meet Philippine banking regulations. She said any decision would depend on the applicant’s compliance and the central bank’s evaluation, leaving open the possibility that the process could extend beyond the end of the year.
Revolut’s proposed expansion gained attention earlier this month when the Department of Trade and Industry disclosed that the company was considering setting up a wholly owned Philippine entity. Its plans include pursuing two separate authorizations from the BSP: a digital banking license and an electronic money issuer (EMI) license.
The two permits serve different purposes. An EMI license would allow Revolut to issue electronic money and facilitate digital payments and fund transfers. A digital banking license, meanwhile, would enable the company to provide banking services directly to customers in the Philippines. Securing both could give the fintech a broader range of options for serving local consumers.
The discussions follow an Oct. 2 meeting in London between Trade Secretary Cristina Roque and Adam Gagen, Revolut’s global head of government affairs. The engagement signals the company’s continued interest in expanding its operations beyond its existing technology presence in the country.
Revolut serves more than 68 million retail customers across 40 markets worldwide. It also operates a global technology hub in Manila, which opened in July 2025. Establishing a locally licensed financial business would represent a different level of involvement, moving beyond technology operations toward directly regulated financial services.
Regulatory capacity remains a key consideration. The Philippines currently has seven licensed digital banks after MariBank Philippines Inc. converted to digital bank status in July, leaving three slots under the BSP’s existing cap of 10.
The central bank stopped accepting new digital bank applications on Dec. 1, 2025. Applications filed before the cutoff, however, may still proceed through the review process. Revolut’s prospects will therefore depend in part on the status and eligibility of its intended application under the applicable rules.
Javier also clarified that the existing limit is not necessarily permanent. Any decision to expand the number of digital bank licenses would rest with the BSP’s Monetary Board and remain subject to regulatory requirements.
For Revolut, continued engagement with the BSP is an important step, but it does not guarantee approval. The timing and outcome will depend on regulatory assessments, compliance readiness and the central bank’s decision on whether the company can operate within the Philippine financial system.
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