Practice question
An applicant plans end-to-end digital financial services with no physical service branch and asks whether the law’s allowance of other classifications can encompass a distinct digital bank. Which is correct?
- The 2000 text freezes all bank classifications forever
- Only the applicant can invent a category
- Section 3.2(g) and BSP Circular 1105 support recognition of the distinct digital-bank category, subject to authority and requirements
- Digital banks are wholly unregulated
- An app license alone is a banking license
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.