UK-based Revolut has reportedly been in talks with the Bangko Sentral ng Pilipinas over a digital bank licence in the Philippines.
According to Binance, Revolut has reportedly been in discussions with the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, about obtaining a digital bank licence in the country. A BSP deputy governor confirmed that the talks are ongoing, but the reports do not give a date for a decision.
The discussions mark the first public confirmation from the regulator that Revolut is engaging with it on a licence. However, the announcement describes the talks as an early stage in a process that still requires a formal assessment.
The BSP assessment process
Before any licence can be granted, Revolut must complete the BSP’s assessment process. This includes meeting the central bank’s requirements for establishing a foreign bank entity in the Philippines.
According to the BSP official, the approval timeline will depend on Revolut’s compliance readiness. In effect, the pace of the process rests largely with the applicant. How quickly Revolut can meet the regulator’s assessment criteria, including those covering the foreign bank entity, will determine when a decision is reached. No milestones or target dates have been made public.
The Philippine discussions sit within a wider set of regulatory engagements for Revolut. At the moment, the company holds bank licenses in the UK, Australia, Colombia, and France, and has secured conditional approval to establish a bank in the United States. In addition, it also applied for a Swiss banking license in September.
A Philippine digital bank licence would extend the list of jurisdictions where Revolut holds or is seeking banking authorisation. It would also give the company a licensed banking presence in Southeast Asia, alongside its existing licences in the UK and Australia. The talks with the BSP therefore form part of a pattern of licence applications across several regions rather than a standalone move.
