Are virtual banks the answer to financial inclusion in the Philippines?

While many ASEAN countries pushing forward their regulatory frameworks, Philippines is forging forward incumbent banks and new players launching their own digital banks.

Although there are already a number of digital banks operating under existing licensing regimes, Bangko Sentral Ng Pilipinas also looking to issue new guidelines for digital banks.

What does this mean for Philippines financial services industry? How will this impact Philippines’ large unbanked population?