Revolut Eyes Philippines Banking License: What We Know About BSP's Digital Bank Review
The race for digital banking licenses in the Philippines is heating up, with British fintech giant Revolut reportedly among the frontrunners for one of the four new slots opened by the Bangko Sentral ng Pilipinas (BSP).
According to recent statements from BSP Deputy Governor Lyn I. Javier, the central bank expects to complete its review of digital banking applications by the end of March 2026, with three companies having submitted applications before the November 30, 2025 deadline.
Revolut: A "Shoo-In" for Philippine Market Entry?
Industry insiders are expressing confidence about Revolut's chances. Angelito "Lito" Villanueva, chairman of FinTech Alliance.PH and chief innovation officer at Rizal Commercial Banking Corp., described Revolut as a likely candidate for approval.
"Well, I think amongst those, I mean, Revolut will be a shoo-in, right?" Villanueva told BusinessWorld at a recent central bank event.
This optimism reflects Revolut's strong track record globally. The London-based neobank has secured banking licenses in multiple markets, including the UK, Lithuania (which allows EU passporting), and most recently Mexico in 2024. The company serves over 50 million customers worldwide and has demonstrated its ability to navigate complex regulatory environments.
Understanding BSP's Evaluation Criteria
The BSP is taking a measured approach to selecting new digital banking licensees. Deputy Governor Javier emphasized that the central bank is evaluating applications based on several key factors:
- Business model viability: Does the proposed model demonstrate sustainability and innovation?
- Capacity to deliver: Can the applicant actually execute on their promises?
- Financial inclusion goals: Will the bank expand access to underserved Filipinos?
- Value proposition: What unique services will be offered to the Philippine market?
Notably, the BSP has made clear that it won't necessarily fill all four available slots. "If only three or two are ready, then so be it," Villanueva noted, suggesting the regulator is prioritizing quality over quantity.
The Current Digital Banking Landscape in the Philippines
The Philippine digital banking sector has evolved rapidly since the BSP first began issuing specialized digital bank licenses. Currently, six digital banks operate in the country:
- Tonik Digital Bank (first pure digital bank, launched 2021)
- GoTyme Bank (Gokongwei-backed joint venture)
- Maya Bank (formerly PayMaya)
- Overseas Filipino Bank (Landbank subsidiary)
- UNObank (backed by Yuchengco Group)
- UnionDigital Bank (UnionBank subsidiary)
After imposing a three-year moratorium on new digital bank licenses, the BSP reopened applications in January 2025, signaling confidence in the sector's maturity and the regulator's capacity to oversee additional players.
Why Revolut Makes Sense for the Philippines
Several factors make the Philippines an attractive market for Revolut's expansion:
Large remittance market: The Philippines is one of the world's largest recipients of overseas remittances, with over $37 billion received annually. Revolut's competitive FX rates and international transfer capabilities align perfectly with this need.
Young, mobile-first population: With over 70% of Filipinos under age 40 and high smartphone penetration, the demographic profile matches Revolut's target market.
Underbanked population: Despite progress, many Filipinos still lack access to traditional banking services, creating opportunities for digital-first solutions.
Growing fintech ecosystem: The Philippines has emerged as a Southeast Asian fintech hub, with strong government support for digital financial services.
Potential Competition and Challenges
While Revolut appears well-positioned, it may face competition from other applicants, potentially including:
- Europe-based digital banks seeking Asian expansion
- Existing digital-first banks (like Salmon Bank, CIMB Bank, MariBank, or OwnBank) upgrading from rural or commercial bank licenses
- Other international neobanks eyeing Southeast Asian growth
Revolut will also need to navigate local challenges, including:
- Adapting to Philippine regulatory requirements and compliance standards
- Building local partnerships for customer acquisition
- Competing with established digital banks that already have market share
- Meeting BSP's financial inclusion objectives beyond just serving affluent customers
What a Revolut License Would Mean for Filipino Consumers
If approved, Revolut's entry could bring several benefits to the Philippine market:
Increased competition: More choices and potentially better rates for consumers International capabilities: Seamless multi-currency accounts and global transfers Innovation acceleration: Revolut's product development speed could push competitors to improve Financial inclusion: Access to sophisticated banking features at lower costs
Timeline and Next Steps
The BSP's internal target is to announce selected candidates by the end of Q1 2026 (late March). However, Deputy Governor Javier cautioned that external factors could affect this timeline.
Once candidates are selected, they'll still need to complete the full licensing process, which could take several additional months before actual operations begin.
The Bigger Picture: Southeast Asian Expansion
Revolut's potential Philippine license would fit into a broader pattern of neobank expansion across Southeast Asia. The region has seen increasing interest from global digital banks attracted by:
- Rapidly growing economies
- Large populations of young, tech-savvy consumers
- Increasing smartphone and internet penetration
- Supportive regulatory frameworks in many countries
A Philippine license would give Revolut a strategic foothold in a key ASEAN market, potentially serving as a launching point for deeper regional integration.
Conclusion
While the BSP has yet to officially confirm which companies have applied for digital banking licenses, industry signals strongly suggest Revolut is among the candidates. The British neobank's global track record, technological capabilities, and alignment with Philippine market needs make it a compelling applicant.
For Filipino consumers and the broader fintech ecosystem, the arrival of a player like Revolut could mark another significant milestone in the country's digital banking evolution. The BSP's decision, expected by late March 2026, will shape the competitive landscape for years to come.
As always with regulatory approvals, nothing is certain until the official announcement. But if Revolut does secure a Philippine banking license, it would represent another bold step in the company's mission to build a global financial super-app – this time with a foothold in one of Asia's most dynamic markets.
Source: BusinessWorld - "BSP may complete review of digital bank license applications in 1st quarter" (January 27, 2026)
