The Bangko Sentral ng Pilipinas (BSP) Monetary Board will accept applications from new digital banks only until August 31.

The BSP said the move to close the application window starting September 1 would help maintain “a stable and competitive environment for banks.”

“The closure of the application window will allow the BSP to monitor the performance and impact of digital banks on the banking system and their contribution to the financial inclusion agenda,” said BSP Governor Benjamin Diokno.

The central bank will process applicants able to submit complete documentation on or before August 31, on a first-come, first-served basis.

Applicants with incomplete documents or those who fail to meet pre-qualification criteria by August 31 “will not be subject to further processing” and “will be deemed closed.”

So far, there are five digital banks: UNObank, UnionDigital Bank, GOtyme, Overseas Filipino Bank, and Tonik Bank.

The BSP is currently processing two other digital bank applications. – Rappler.com