The BSP explained that operating on a limited basis is a “conservative approach” utilized by digital banks to address issues that may arise ahead of their commercial launch.
Transactions processed by digital banks reached P8.5 billion in the first half and are seen to rise further as all entities granted licenses by the Bangko Sentral ng Pilipinas are now fully operational.
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Two more digital banks started commercial operations last month, boosting the efforts of the Bangko Sentral ng Pilipinas to convert the country from a cash-heavy to a cash-lite economy.