Revolut is negotiating for a digital banking license in the Philippines

According to Crowdfund Insider, Lyn I. Javier, the Deputy Governor of the Central Bank of the Philippines and head of the financial regulatory department, revealed that the UK fintech company Revolut is actively negotiating with the bank to obtain a digital banking license in the Philippines.

She pointed out that Revolut must go through the assessment process of the Central Bank of the Philippines, including meeting the relevant requirements for establishing a foreign bank institution in the Philippines. As for the specific approval timeline, it depends on the company's progress in compliance preparations.

Revolut currently holds banking licenses in the UK, Australia, Colombia, and France, and has received conditional approval to establish a bank in the United States. Additionally, the company applied for a banking license in Switzerland in September.