Update on UnionBank PH Digital Bank “UnionDigital”
UNIONBANK PH – UnionBank Philippines gave an update on the launch of its digital bank, the “UnionDigital”.
Nowadays, banks are not only operating in structures. They also coped with the advancement in technology to bring their offers to a wider platform. Several banks did not only put up websites but also built digital banks. Through a digital bank, a banking company can offer its services even without the need for people to be physically present in applying for a loan, getting an account, applying for a credit card, etc.
Amid the COVID-19 pandemic that really pulled the economy of the country down, several banks and companies applied for a license to operate as digital banks. Bangko Sentral ng Pilipinas (BSP) approved several applications following the evaluation and screening of the requirements.
According to BSP, digital banks can help the Philippine economy recover. UnionBank PH is one of those that obtained a license to operate as a digital bank.
Recently, UnionBank PH gave an update regarding the launch of its digital bank, the UnionBank Digital. Based on a report on ABS-CBN News, it is eyeing the launch in July as expressed by UnionBank’s First Vice President and Head of Fintech Group Erika Dizon-Go.
Dizon-Go expressed her hope that the new financial platform can greatly contribute to the whole banking business. It was in June 2021 when UnionBank PH obtained the license to operate a digital bank.
Currently, the digital banks that operate in the Philippines are Paymaya’s Maya Bank, Landbank’s Overseas Filipino Bank, and Tonik, a digital bank supported by Singapore’s fintech.
According to UnoBank, it is targetting to offer digital bank services this year 2022. GoTyme by Gokongwei Group’s also targets the launching of its digital bank in the mid of this year.
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