2 more digital banks ready to operate

MANILA, Philippines — Two more digital banks started commercial operations last month, boosting the efforts of the Bangko Sentral ng Pilipinas (BSP) to convert the country from a cash-heavy to a cash-lite economy.

Lyn Javier, sector-in-charge of the BSP’s Financial Supervision Sector, said UNObank Inc. and Aboitiz-led UnionDigital Bank Inc. started commercial operations last month after receiving the approvals of regulators. 

Javier said UNO Digital Bank started its operations on July 5 after the central bank issued its certificate of authority to operate as a digital bank on June 7.

The Monetary Board issued Resolution 694 last June 3, 2021 approving the application of UNO Digital Bank to establish a digital bank in the country. It was registered with the Securities and Exchange Commission (SEC) on Oct. 27, 2021. 

Likewise, Javier said UnionDigital Bank also started its operations on July 18 after it was issued a certificate to operate as a digital bank by the BSP last July 12.

The regulator, through the Monetary Board issued a digital banking license to the wholly owned subsidiary of Union Bank of the Philippines through Resolution 925 dated July 15, 2021 and was registered with the SEC on Nov. 25, 2021.

Aside from UNO Digital Bank and Union Digital Bank, the BSP has also granted digital bank licenses to GoTyme, Maya Bank, Overseas Filipino Bank and Tonik Bank.