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March 02, 2024

UnionBank to double digital customers to 2M

Union Bank of the Philippines led by bankero Edwin Bautista is looking at doubling the number of digital customers to two million by the end of the year from about one million.

In a webinar, UnionBank senior vice president Erika Dizon-Go said the Aboitiz-led bank continues to ramp up initiatives for its open banking and open finance systems through applications programming interfaces (APIs).

The bankero said the onboarding of more clients to its open banking and finance systems would further enhance customer experience.

“My fearless forecast, we’re hoping around two million,” Dizon-Go said.

Also, Dizon-Go said the listed bank is also looking at launching UnionDigital Bank Inc. next month.

“We are projecting that UnionDigital will launch this July,” Dizon-Go added.

In July last year, the Bangko Sentral ng Pilipinas (BSP) granted a digital banking license to UnionDigital. It is the only digital bank established by a universal bank among the six licensees approved by the BSP.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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