New Digital Bank Eyes Philippine Market with AI-Powered Services

Digital Banks from eu EYED to invest in Philippines Market

The Philippines may soon welcome a new digital banking player from Europe, according to the Bangko Sentral ng Pilipinas (BSP). The applicant has submitted all necessary documents and is awaiting approval to operate in the country.

BSP Deputy Governor Chuchi G. Fonacier revealed that the European bank has proposed using advanced technology, including artificial intelligence (AI), to serve underbanked Filipino customers. "They have a solution where you can easily gather information," Fonacier explained, highlighting the bank's data-driven approach to financial services.

This comes after the BSP reopened applications for digital banking licenses in January, ending a three-year freeze. The central bank is allowing up to four new players to enter the market, either as new entities or through existing banks converting to digital operations.

Currently, six digital banks serve the Philippine market, but only two have achieved profitability so far. Fonacier remains optimistic, stating: "It's understandable... The prospects in the Philippines are better compared with other jurisdictions that have six players."

The digital banking sector continues to face challenges, posting a combined net loss of ₱1.04 billion as of March 2024. However, the BSP believes the industry is moving toward stability as these new financial institutions establish their presence.

Existing digital banks operating in the country include Maya Bank, GoTyme Bank, and UnionDigital Bank, among others. The European applicant aims to differentiate itself through innovative services targeting segments of the population with limited access to traditional banking.

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