10-12-2026 
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TL;DR: Revolut is seeking a Philippine digital banking and e-money license after meeting with DTI Secretary Christina Roque in London. Vietnam‘s central bank says financing is the main obstacle to progress in digital banking in the country. The U.K. has named six banks to lead its first digitally native government bond, the DIGIT pilot, due by Q1 2027.
Key Takeaways:
- Revolut plans to seek a Bangko Sentral ng Pilipinas license for digital banking and e-money services.
- Revolut met DTI Secretary Christina Roque in London on October 2 to discuss its Philippine entry.
- The State Bank of Vietnam has established a sector-wide steering committee and a digital transformation strategy that runs until 2030.
- The U.K. named six banks to lead its DIGIT digital gilt pilot, due by Q1 2027.
UK-based fintech firm Revolut plans to obtain license in the Philippines
Revolut—a U.K.-based fintech company—is looking to set up shop in the Philippines, news outlet Finextra reported.
The bank is reportedly seeking a license from the Philippines’ central bank, the Bangko Sentral ng Pilipinas, to offer digital banking and electronic money issuer (EMI) services in the country.
According to Adam Gagen, Revolut’s head of government affairs, they met with the Philippines’ Department of Trade and Industry (DTI) Secretary Christina Roque on October 2 at their headquarters in Canary Wharf, London, to discuss the plan. The discussion also covered Revolut’s market-entry strategy and its Global Technology Hub in Manila.
“The Philippines welcomes Revolut’s continued interest in our market. Your Global Technology Hub in Manila is a strong vote of confidence in Filipino talent, and we see even greater opportunities for collaboration in digital banking, cross-border payments, and financial inclusion,” said Roque.
“We want more Filipino entrepreneurs and consumers to benefit from secure, affordable, and innovative financial services. Companies like Revolut can help make that happen, especially as we continue to build a more digital, inclusive, and globally connected Philippine economy,” she added.
Last July, Revolut opened its first Manila Technology hub to support its operations across the U.K., Europe, Asia-Pacific, and the U.S. The hub is expected to employ hundreds of workers across software engineering, data analytics, customer operations, and financial crime compliance.
“We want the Philippines to be a place where innovative companies can scale, create jobs, and help solve real problems for our people. For DTI, the goal is clear: make digital finance work for Filipino businesses, so they can trade, receive payments, and reach global customers with greater ease,” Roque said.
Revolut has over 68 million retail customers and over 760,000 business customers globally. The company was valued at $115 billion in July 2025.
Vietnam banks push for digital shift heightens
Still in Southeast Asia, Vietnam’s banking sector is pushing for digital transformation and infrastructure modernization. However, funding has remained a huge bottleneck, particularly for startups and technology firms with limited tangible assets and cash flows.
The push was highlighted during the 2026 Financial and Banking Innovation Forum in Hanoi on October 4. State Bank of Vietnam (SBV) deputy governor Pham Tien Dung stated that although the banking sector has made progress in digital transformation, financing remains a challenge.
He explained that startups and science and technology enterprises mostly rely on intangible assets and face risks of cash flow instability. Therefore, traditional credit assessment methods and collateral requirements are not always suitable for financing needs, he said.
To add to this issue, Vietnam’s capital market—especially in the venture capital space—remains underdeveloped. Medium- and long-term funding still depends on bank credit, while risk-sharing mechanisms among the state, investment funds, credit institutions, and investors are not yet coordinated.
“These are bottlenecks that today’s forum needs to address, on the consistent principle of not compromising system safety and customers’ legitimate interests,” Dung said.
To drive the digital shift, the SBV created a sector-wide steering committee, rolled out a digital transformation strategy running until 2030, and reviewed regulations governing digital payments, digital banking, and electronic lending, while also advancing administrative reforms.
UK names 6 banks for its first digitally native government bond
Elsewhere in the U.K., the government has appointed six major banks—Barclays (NASDAQ: BCS), HSBC (NASDAQ: HSBC), Lloyds (NASDAQ: LYG), Morgan Stanley (NASDAQ: MS), NatWest (NYSE: NWG), and RBC Capital Markets—to lead the roll out of its first digitally native government bond called the “Digital Gilt Instrument (DIGIT),” with a pilot expected to be delivered by Q1 2027, Lucy Rigby, Economic Secretary to the Treasury, announced on October 6.
The six banks are responsible for providing underwriting services, investor engagement, and distribution services for the digital government bond pilot issuance.
DIGIT will be offered through a platform operating within the U.K.’s Digital Securities Sandbox. It will serve as a trial of DLT across the bond’s life, from its initial issuance to on-chain settlement. The U.K. government said that the pilot is intended to explore the use of DLT in sovereign debt markets while also encouraging the development of digital financial infrastructure in the country.
Rigby said on X that the appointments mark a milestone toward issuing digital gilt early next year, calling the project “a practical test of new financial market infrastructure.”
The initiative builds on two earlier developments: HSBC was named the pilot’s DLT provider back in February, and in July, the bank struck a deal with the London Stock Exchange Group to build a link to a digital securities depository.
FAQs:
Is Revolut coming to the Philippines?
Revolut is reportedly seeking a Philippine central bank license to offer digital banking and e-money services. Approval has not been announced.
What license does Revolut want in the Philippines?
It is reportedly seeking digital banking and electronic money issuer (EMI) licenses from the Philippine central bank, the Bangko Sentral ng Pilipinas.
Does Revolut already have an office in the Philippines?
Yes. Revolut opened a Global Technology Hub in Manila in July 2025, but it does not yet offer banking services there.
How many customers does Revolut have?
Revolut has over 68 million retail customers and more than 760,000 business customers worldwide.
Why is it hard for Vietnamese startups to get funding?
Startups rely on intangible assets and have unstable cash flows, so traditional collateral rules don’t fit. Vietnam’s venture capital market is also underdeveloped.
What is the U.K.’s DIGIT?
DIGIT or Digital Gilt Instrument is the U.K.’s first digitally native government bond. It will use distributed ledger technology (DLT) from issuance to on-chain settlement.
Which banks are leading the U.K. digital gilt?
Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, and RBC Capital Markets. The pilot is expected by Q1 2027.
What are digital government bonds?
The term covers two things. Most commonly, it means ordinary government bonds that you can buy, hold, and manage online through an app or official portal instead of a bank branch or paper certificate. It can also mean tokenized bonds, where a government issues the bond on a blockchain or distributed ledger so ownership and payments are recorded digitally.
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