UK's Revolut working to secure digital banking license for PH entry

Global fintech giant Revolut is now working to secure a digital banking license from the Bangko Sentral ng Pilipinas (BSP) to offer its full suite of financial products in the Philippines.

Department of Trade and Industry (DTI) on Tuesday said it has offered to facilitate discussions with key government agencies to streamline regulatory processes for Revolut’s proposed investment in the country, after launching its Manila technology hub in July 2025.

The hub is expected to create hundreds of high-skilled jobs in the Philippines in software engineering, data analytics, customer operations, and financial crime compliance.

Revolut, however, must first secure the necessary licenses from the BSP. The central bank, for its part, has yet to announce a decision on the company’s applications for digital banking and EMI licenses.

“To offer its full suite of financial products, the company is evaluating regulatory pathways and corporate structures to secure digital banking and EMI licenses in compliance with Bangko Sentral ng Pilipinas requirements,” the DTI said.

The DTI’s announcement follows Trade Secretary Cristina Roque's meeting with Revolut Global Head of Government Affairs Adam Gagen at the company’s global headquarters in Canary Wharf, London, on October 2, focused on the company’s market-entry strategy in the Philippines.

“The Philippines welcomes Revolut’s continued interest in our market. Your Global Technology Hub in Manila is a strong vote of confidence in Filipino talent, and we see even greater opportunities for collaboration in digital banking, cross-border payments, and financial inclusion,” Roque said in an emailed statement.

“We want more Filipino entrepreneurs and consumers to benefit from secure, affordable, and innovative financial services. Companies like Revolut can help make that happen, especially as we continue to build a more digital, inclusive, and globally connected Philippine economy,” she added.

Revolut is the largest financial technology company in the United Kingdom, serving over 68 million customers and over 760,000 business customers across 40 markets. It was valued at $115 billion in July 2026, making it among Europe’s most valuable private technology firms.

Should the company secure a digital banking license, it will compete with the first six banks to secure the same license -- GOTyme, Maya Bank, Overseas Filipino Bank (OFBank), Tonik Bank of Singapore, UNObank of Singapore, and UnionDigital of the Union Bank of the Philippines. —VAL, GMA News