UnionBank Digital Bank “UnionDigital” Launched
UNIONBANK DIGITAL BANK – UnionBank announced that “UnionDigital” has officially started its operations in the Philippines.
Amid the COVID-19 pandemic, several banks and financial institutions applied for a license to operate a digital bank. The application is addressed to Bangko Sentral ng Pilipinas (BSP) which grants the license depending on the evaluation.
BSP granted the application of several banks and financial institutions to operate a digital bank. According to the central bank, the operation of digital banks can also help the revival of the economy that was badly affected by the pandemic.
The pandemic pulled the PH economy down following month-long strict community quarantine measures that had to be implemented to fight the spread of the virus. Several small and big businesses were not able to survive the demands of the pandemic and had to permanently close.
One of the banks that applied for a license to operate a digital bank is UnionBank. Bangko Sentral ng Pilipinas approved the application for license.
Previously, the bank said that the launching of its digital bank will be in the third or fourth quarter of the year. Recently, it gave an update that the official operation is set to start this July.
Based on a report on ABS-CBN News, the UnionBank digital bank “UnionBank” has officially started its operations in the Philippines. The launch was announced based on a disclosure to the stock exchange. However, no other details were disclosed yet.
Aside from UnionBank, there were five other digital banks that the central bank granted a license to operate. One of the digital banks that have started its operation in the country is Tonik Bank.
Do you want to know the offers of Tonik Bank? You may visit – Tonik Digital Bank Cash Loan: How To Apply for this Offer.