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July 14, 2024

BSP issues certificate to Union Digital Bank

The Bangko Sentral ng Pilipinas (BSP) has given Union Bank of the Philippines led by bankero Edwin Bautista a certificate of authority to operate wholly-owned UnionDigital Bank Inc.

UnionBank said in a disclosure to the Philippine Stock Exchange (PSE) that UnionDigital Bank has received the Certificate of Authority to Operate as a digital bank dated July 12.

“This is the final stage in the three-stage digital bank application process,” the Aboitiz-led bank said.

To pursue its digital transformation journey, the country’s 9th largest bank in terms of assets is launching UnionDigital in the second half of the year.

The BSP Monetary Board granted a digital banking license to UnionDigital in July last year. It is the only digital bank established by a universal bank among the six licensees approved by the regulator.

Last month, UnionBank approved a P2 billion capital infusion to UnionDigital.

Aside from UnionDigital Bank, the central bank’s Monetary Board has also granted digital bank licenses to UNO Digital Bank, GoTyme of the Gokongwei Group and Tyme, Maya Bank of the PLDT Group, Overseas Filipino (OF) Bank of state-run Land Bank of the Philippines, and Tonik Bank.