Digital Banks and Why Not Every Banking App is Included

From paying bills and transferring money to growing savings through high-interest accounts, banking has become more convenient than ever before. You’ll spot many Filipinos using either GoTyme, Maya, MariBank, or CIMB, depending on the need. But while they may all look similar onscreen, not all of them are classified as “digital banks.”

Definition

This is licensed by the Bangko Sentral ng Pilipinas (BSP) to operate primarily through digital channels, with little to no reliance on physical branches. Unlike traditional banks that expanded into mobile banking (think BDO Pay or the Unionbank app), digital banks are built to deliver their services almost entirely online.

As of 2026, only six (6) banks have been granted “digital bank licenses” by the BSP: Maya Bank, GoTyme Bank, TONIK Digital Bank, UNO Digital Bank, UnionDigital Bank, and Overseas Filipino Bank (OFBank). But while the BSP has increased the maximum number of licenses to ten (10), additional applications are still under review.

Why Aren’t All Banking Apps Included?

Here’s where it gets tricky: just because a bank offers a mobile app does NOT automatically make it a digital bank.

Several popular platforms, such as the previously mentioned MariBank and CIMB, operate under different banking licenses: “commercial,” “rural,” or “thrift.” These institutions are still regulated by the BSP and offer digital-first services, but they fall under a different regulatory framework than those that are licensed.

To put it simply, “digital bank” refers to a specific type of banking license rather than just a phone app.

Does the Difference Matter?

For most people, this distinction won’t affect day-to-day banking. Because whether you’re saving, paying bills, or transferring funds, it’s more important to consider using a BSP-supervised bank that offers the products and features you need.

Moreover, check if your bank is a member of the Philippine Deposit Insurance Corporation (PDIC), which insures eligible deposits up to the applicable coverage limit. It also provides an added layer of protection regardless of whether the bank is classified as a “digital bank” or not.

READ: Mobile Banking Scams in the PH: Is Our Money Safe?

As online banking continues to grow, Filipinos can expect more innovation and competition from digital banks in the years to come. Because while understanding how different banks are licensed won’t necessarily change where you bank, it can help you make more informed financial decisions.