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September 27, 2022

4th digital bank to start commercial operations this quarter

UNO Digital Bank is set to launch its mobile app to elevate Filipino banking in the Philippines by the second quarter of 2022.

“We are a credit-led digital bank that is pioneering an elevated approach to banking: one that makes meeting life’s financial needs simple and accessible for the customer, while also fueling growth and innovation in the industry,” UNOAsia Pte. Ltd. co-founder and CEO Manish Bhai said.

As one of the six digital banks in the country to be approved and regulated by the Bangko Sentral ng Pilipinas (BSP), UNO Digital Bank is a credit-led, full spectrum digital bank by offering banking solutions that are simple, convenient, and easy for Filipinos.

Last March, the digital banking and fintech company confirmed that it will issue virtual and physical debit cards powered by Mastercard Inc.

Manish also reiterated to create a more diverse payment and lending ecosystem available for Filipinos from every stage of life.

“We aim to bridge the financial inclusion gap to help pave the way for all Filipinos to have access to basic financial services, and hope to extend its services to the rest of Southeast Asia and South Asia,” Bhai said

The bankero noted that the pandemic has been a catalyst for many Filipinos in becoming digital. Manish cited that in 2021, 20% of payments were made digitally.

“This is a good indicator of the people’s acceptance of digitalization,” he added.

UNO Digital Bank is a unit of the Singapore-headquartered financial technology player DigibankASIA Pte. Ltd.

“Our vision is to make engaged banking a part of the way of life. Our team has the edge of experience and the agility to address pain points of Filipino customers,” the bankero said.

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