Revolut keeps PH digital banking market in its sights
UK digital bank Revolut remains in active talks with Philippine regulators as it seeks a license to enter the country’s digital banking market, potentially adding to competition in the fast-growing sector.
Speaking to reporters last week, Lyn Javier, deputy governor at the Bangko Sentral ng Pilipinas (BSP), said Revolut remained interested in entering the local market and was working to secure a license.
“It’s an ongoing and very active discussion,” she said.
If successful, Revolut would join existing digital banks: UNO Digital Bank, UnionDigital Bank, GoTyme Bank, Tonik Digital Bank, Maya Bank and Overseas Filipino Bank, the digital banking arm of state-owned Land Bank of the Philippines. MariBank became the country’s seventh digital bank after the BSP announced the completion of its conversion from a rural bank to a digital bank.
That leaves just three digital banking licenses available, as the BSP seeks to expand the sector to as many as 10 players.
Revolut, Europe’s largest financial technology company, has 80 million global customers. Last year, the company expressed its “strong interest” in the country during a meeting between former Finance Secretary Ralph Recto and Martin Gilbert, chair of the fintech firm.
The Department of Finance has said Revolut sees the Philippines as an entry point to Association of Southeast Asian Nations, where the company plans to establish its footprint.
Javier, head of the BSP department regulating banks, earlier said the central bank had received three applications for digital banking permits before the deadline late last year.
That could spice up competition for funds. Data showed the country’s virtual lenders have amassed P171.5 billion in deposits as of June 2026.
