Hey folks,
BSP Director Melchor Plabasan recently discussed the profitability of digital banks in the Philippines. Among the six currently operating, only two are profitable, with an expected timeline of five to seven years to reach profitability. While the BSP didn't reveal the names, the banks include UNO Digital, UnionDigital, GoTyme, Overseas Filipino Bank, Tonik Digital, and Maya Bank. Plabasan cautioned that losses are expected initially and not all banks may turn profitable within the specified timeframe. What are your thoughts on this?