Practice question
A commercial bank introduces a mobile application while retaining its existing licensed classification and branches. Does the app alone automatically convert it into the distinct digital-bank category?
- Yes, every app changes the license automatically
- Yes, electronic statements alone decide classification
- Yes, all branch banks cease to be banks
- Yes, customer preference changes the legal category
- No, providing digital services alone is not automatic reclassification as a licensed digital bank
Legal references
- https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA 8791, sections 3 and 6
- https://www.bsp.gov.ph/Regulations/Issuances/2020/c1105.pdf — BSP Circular 1105 (2020), digital-bank classification
Answer this question in flashcards to review your response and continue practicing.