The app of UnionDigital Bank led by bankero Arvie de Vera is now live to a limited set of customers after starting commercial operations early this week after getting the green light from the Bangko Sentral ng Pilipinas (BSP).
“For now, the app is currently available by invitation only,” the digital bank said.
The wholly owned subsidiary of Aboitiz-led Union Bank of the Philippines headed by bankero Edwin Bautista said future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitter, and Facebook.
The central bank granted UnionDigital Bank a Certificate of Authority (COA) to operate as a digital bank dated July 12, 2022, the final stage in the three-stage digital bank license application process.
UnionDigital Bank aims to empower the country’s journey toward a fully digital economy, enabling Filipino communities, businesses, and regulators to leverage on Fintech, Blockchain, and open finance technologies to achieve inclusive prosperity.
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.
Aside from UnionDigital Bank, the central bank 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.