UnionDigital Bank is a fully digital bank launched in 2021 as a joint venture between Union Bank of the Philippines, one of the country's largest banks, and major tech companies like Tencent and Explore. It aims to leverage Union Bank's established financial expertise with the technological pro...
Digital banking in the Philippines The Philippine central bank first introduced digital banking in 2021 and has approved licenses to operate for six banks: Maya Bank, GoTyme Bank, Overseas Filipino Bank, Tonik Bank, UnionDigital Bank, and Uno Digital Bank. In 2023, the total value of depos...
As regulators encourage new players to enter the digital banking sector in the Philippines, banks that take the initiative can gain an early advantage.
Currently, six digital banks operate in the Philippines: Maya Bank, Overseas Filipino Bank Inc., Tonik Digital Bank Inc., UNObank Inc., UnionDigital Bank, and GOtyme Bank. CIMB remains open to exploring Islamic banking in the future, acknowledging that this niche could represent a growth oppor...
NextPay is the best alternative to bank accounts for small businesses and entrepreneurs in the Philippines. We help them similarly to how Brex helps companies in the US, but in a way that is more locally nuanced. We manage their finances and remove the steep barriers that Filipino banks and...
The Philippines will grant licences for up to four new digital banks from the beginning of 2025, following the successful launch of six banks
t mean being a bad credit risk. Tens of millions of people in the Philippines have no access to financial services. Many of them need could use a bank loan and would be able to repay it. It’s just that they have no bank accounts and that many --if not most-- banks aren’t ...
Southeast Asia has seen a rise in digital banking, partly induced by Covid-19 restrictions that have forced business operations to go online. (Read: Why Indonesia’s tech giants find digital banks irresistible) The Philippines has an unbanked population of 63% as of 2020, according to Euromoni...
Philippine digital banks target USD 140 billion retail deposit market. Six online-only upstarts set to challenge big financial institutions.
The banks we have introduced so far are the most recent entrants into the digital finance scene here in Singapore. However, there are also some more providers which aren’t full fledged digital banks but which offer similar services. Here, we’ll look at two as an example, so you can see...