News

4 new digital banks are entering the PH. Get ready for better rates and lower fees

Sep 1, 2026 · 1 min readBy KasKasan Buddies

The BSP is considering four new digital banking licenses, potentially giving Filipino savers more choices, stronger rates, lower fees, and better digital banking features.

The BSP is shortlisting candidates for 4 new digital banking licenses and only banks with truly unique business models will make the cut.
Right now, the Philippines has 6 digital banks: GoTyme, Maya Bank, Tonik, UNO Digital Bank, UnionDigital Bank, and Overseas Filipino Bank. Four more could be joining them soon.
Here is what that means for you:

The BSP is considering four new digital banking licenses, potentially giving Filipino savers more choices, stronger rates, lower fees, and better digital banking features.

The BSP is shortlisting candidates for 4 new digital banking licenses and only banks with truly unique business models will make the cut.
Right now, the Philippines has 6 digital banks: GoTyme, Maya Bank, Tonik, UNO Digital Bank, UnionDigital Bank, and Overseas Filipino Bank. Four more could be joining them soon.
Here is what that means for you:

The BSP is shortlisting candidates for 4 new digital banking licenses and only banks with truly unique business models will make the cut.

Right now, the Philippines has 6 digital banks: GoTyme, Maya Bank, Tonik, UNO Digital Bank, UnionDigital Bank, and Overseas Filipino Bank. Four more could be joining them soon.

Here is what that means for you:

When banks compete for your deposits, you win. Fitch Ratings expects new entrants to aggressively grow their customer base, which usually means higher savings rates, lower fees, and better app features across the board.

Take note: The BSP has not confirmed who applied. Any names you see floating around online are still unverified.

But the direction is clear: Philippine digital banking is about to get a lot more competitive. And that is good news for every Filipino with a savings goal.