Revolut Seeks Philippines Licence for Digital Banking and…

Revolut is exploring a broader launch in the Philippines that could include digital banking and electronic money services, after Philippine Trade Secretary Cristina Roque met the fintech's global head of government affairs, Adam Gagen, at its London headquarters on October 2. The $115 billion company already runs a Global Technology Hub in Manila, opened in July 2025, supporting operations across Europe, Asia-Pacific and the Americas. No Philippine banking licence has been granted, and the talks remain exploratory.

The potential entry would depend on finding a regulatory structure acceptable to the Bangko Sentral ng Pilipinas. The BSP reopened digital-bank licensing from January 2025 and raised the cap from six to 10, then closed the general application window from December 2025 while assessing existing applicants. MariBank became the seventh licensed digital bank in July 2026, leaving room below the ceiling, and the BSP has said it could issue more licences, including by converting existing thrift, rural and cooperative banks. Digital banks must meet a PHP1 billion minimum capital threshold, with governance, risk controls, business model and market value proposition also assessed.

Regulatory route

Revolut and Philippine authorities have not disclosed whether the company would seek a new licence directly, use another permitted route, or combine banking and electronic money issuer permissions. The distinction matters because the framework has tightened, even as regulators keep selected entrants in the pipeline.

For Revolut, the Philippines fits an existing payments and technology footprint. Roque said the government sees possible collaboration in digital banking, cross-border payments and financial inclusion, especially for Filipino businesses that receive payments or sell to customers overseas. Those areas align with Revolut's multicurrency accounts, foreign exchange and international payments, and with its push to deepen banking relationships across roughly 80 million customers.

The Philippine review follows a wider licensing buildout. Revolut began full banking in its UK home market in March after final regulatory approval and added a French banking licence in August as a second EU hub. It launched as a fully regulated bank in Mexico after committing more than $100 million in capital, while its U.S. subsidiary received preliminary approval for a national bank charter in September. Market entry increasingly hinges on local banking infrastructure rather than simply exporting a payments app.

What comes next

The immediate milestone is regulatory engagement, not a product launch. The Department of Trade and Industry has offered to help facilitate talks with relevant Philippine agencies, but the BSP will decide whether the proposed structure meets its requirements. If approved, Revolut would enter a market with seven licensed digital banks, established commercial banks and large e-wallet providers, making execution, customer acquisition and cross-border economics as important as the licence itself.