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Philippines central bank lifts moratorium on establishing digital banks

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MANILA (Reuters) - The Philippines’ central bank lifted on Thursday a moratorium on establishing digital banks to promote financial inclusion and digital transformation.

 

The Monetary Board has allowed a maximum of 10 digital banks to operate in the Philippines, the central bank said in a statement. To date, six digital banks have been operating in the Philippines.

 

(Reporting by Neil Jerome Morales; Editing by Martin Petty)

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