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Revolut Philippines license push
Revolut is moving to secure a Bangko Sentral ng Pilipinas licence to offer digital banking and electronic money services. The company met with Philippine DTI Secretary Christina Roque on 2 October at its London headquarters to discuss entry strategy and a planned Global Technology Hub in Manila. The hub, opened last July, will host hundreds of software engineers, data analysts, customer ops staff and compliance officers. Revolut’s global footprint now covers 68 million retail and 760,000 business customers, and the firm was valued at $115 billion in July 2025.
Revolut’s interest in the Philippines is not a first-time foray into emerging markets. The firm has already expanded into the UK, EU, US, and APAC regions. The Philippine move offers access to a 109-million-person market with a growing mobile-first population and a regulatory environment that is increasingly open to fintech entrants.
Vietnam banks stuck on funding
In Hanoi, the State Bank of Vietnam (SBV) highlighted that digital transformation is progressing but financing remains a bottleneck. Deputy governor Pham Tien Dung said startups and technology firms rely on intangible assets and face cash-flow instability, making traditional credit assessment and collateral requirements ill-suited. Vietnam’s venture capital market is underdeveloped, and medium-to-long-term funding still depends on bank credit. The SBV has created a sector-wide steering committee, rolled out a 2030 digital transformation strategy, and reviewed regulations on digital payments, banking and lending.
The lack of capital could slow the rollout of new payment products, limit the reach of digital wallets, and keep the market fragmented. Operators that can secure alternative funding or partner with state-backed funds may gain a competitive edge.
UK names banks for digital gilt pilot
The UK government has selected six banks to lead its first digitally native government bond, the DIGIT pilot, due by Q1 2027. The pilot will test the issuance of a digital gilt on a blockchain platform, aiming to reduce settlement times and increase transparency. The banks chosen are expected to provide liquidity and market depth for the new instrument.
The pilot reflects a broader trend of governments experimenting with tokenised securities. Successful execution could open a new revenue stream for banks and provide a template for other jurisdictions.
Implications for gambling and crypto operators
Operators in the gambling and crypto space should note that Revolut’s Philippine licence bid could increase competition for payment processing. If Revolut gains a foothold, it may offer lower fees or faster cross-border settlements, squeezing margins for existing processors.
Vietnam’s funding constraints could limit the availability of local payment solutions, pushing operators to rely on foreign providers. The UK’s digital gilt pilot may signal a willingness to adopt blockchain for sovereign debt, potentially easing regulatory scrutiny for crypto-backed securities.
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