Philippines central bank lifts moratorium on establishing digital banks

FILE PHOTO: A logo of Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is seen at their main building in Manila, Philippines March 23, 2016. REUTERS/Romeo Ranoco/File Photo

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)