Guidelines on the Establishment of Digital Banks, Office of the Governor Circular No. 1105, Series of 2020 (Philippines)

A digital bank is defined as a bank that offers financial products and services that are processed end-to-end through a digital platform and/or electronic channels with no physical branch or sub-branch, or branch-lite unit offering financial products and services. A digital bank's minimum capitalization is set at PHP 1.0 billion and shall be subject to the prudential requirements by the Bangko Sentral ng Pilipinas (BSP) including corporate governance and risk management particularly on information technology, cyber-security and anti-money laundering, and combating the financing of terrorism, among others. 

Digital banks may perform the following services: 

1. Grant loans
2. Accept savings and time deposits
3. Accept foreign currency deposit
4. Invest in readily marketable bonds and other debt securities, commercial papers and accounts receivable, drafts, bills of exchange, acceptances or notes arising out of commercial transactions
5. Act as a correspondent for other financial institutions
6. Act as a collection agent for non-government entities
7. Issue electronic money products
8. Issue credit cards
9. Buy and sell foreign exchange
10. Present, market, sell and service micro insurance products
11. Other such activities as may be approved by the BSP