Revolut Evaluates Philippine Licenses as UK Advances Digital Bond Pilot

Revolut is evaluating a possible entry into the Philippines as governments in Asia and Europe advance separate efforts involving digital finance, innovation funding and distributed-ledger infrastructure.

The fintech discussed market entry and its Manila technology hub with Philippine Trade Secretary Cristina Roque in London on Oct. 2. It is considering regulatory and corporate structures for potential digital-banking and electronic-money issuer licenses from the Bangko Sentral ng Pilipinas, the Philippines’ central bank.

Revolut has not received a Philippine banking license, while regulators have disclosed no decision on its potential entry.

“The Philippines welcomes Revolut’s continued interest in our market,” Roque said.

Revolut opened its Manila Global Technology Hub in July 2025. The operation was expected to create hundreds of jobs in software engineering, data analytics, customer operations and financial-crime compliance. The company has more than 68 million retail customers and more than 760,000 business customers across 40 markets.

Vietnam’s 2026 Financial and Banking Innovation Forum took place in Hanoi on Oct. 4 under the theme “Unlocking Resources for Innovation.” State Bank of Vietnam Deputy Governor Pham Tien Dung said financing remains inadequate for innovation, particularly for startups and technology companies with limited tangible assets and unstable cash flows.

The United Kingdom is pursuing a separate pilot for a digitally native government bond. HM Treasury appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers for the Digital Gilt Instrument, or DIGIT.

The pilot is expected in the first quarter of 2027 and will test distributed-ledger technology across the bond’s issuance and lifecycle, including on-chain settlement. DIGIT is intended to operate through a platform within the United Kingdom’s Digital Securities Sandbox.

HSBC was appointed as the pilot’s distributed-ledger technology provider in February 2026.

“Digitalisation is central to ensuring that the UK can be a global hub for digital assets,” UK Economic Secretary to the Treasury Lucy Rigby said.

“The appointment of Lead Managers marks an important step as we work towards issuance early next year,” Rigby said.