Philippines Tightens Digital Bank Rules Amid Shift to Tokenized Deposits

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, has tightened rules for thrift, rural, and cooperative banks transitioning to digital banking models.

According to BSP Circular No. 1240, these banks must meet a PHP 1 billion ($15 million) minimum capital requirement and applicable digital-bank prudential standards.

The updated rules aim to ensure that these banks can adequately manage risks arising from the nature, scale, complexity, and risk profile of their operations.

IBM is expanding its digital banking infrastructure by integrating SWIFT's shared ledger with its Digital Asset Haven platform. This integration will support tokenized deposits and digital asset operations.

BNY has launched a 'Pay-to-Wallet' capability that enables banks to send cross-border payments directly to retail digital wallets through existing SWIFT infrastructure.