UNObank Granted Digital Banking License to Operate in PH
UNOBANK – The Central Bank of the Philippines has granted UNObank a digital banking license to operate in the country and it will launch services soon.
More and more banks are emerging in the Philippines. Some of these have headquarters abroad and wanted to expand and offer their services to the Filipino people. To be able to do it, a bank has to secure a banking license to operate in the country.
The banking license is granted by Bangko Sentral ng Pilipinas (BSP) or the Central Bank of the Philippines. It is the head government bank in the country currently headed by Benjamin Diokno and its main headquarter is in Manila City.
Recently, three (3) banks obtained a digital banking license from BSP. Based on a report on ABS-CBN News, these banks are UNObank, Tonik, and Overseas Filipino Bank.
According to the report, UNObank is supported by DigibankASIA Pte Ltd, a fintech company with its main headquarters in Singapore. Together with Tonik and the Overseas Filipino Bank, these are the three (3) first banks to have been granted the digital banking license meaning their services are offered online.
Under this type of license, there is no need for a face-to-face transaction but it is an initial step in setting a legal entity in the country. The bank’s CEO and co-founder, Manish Bhai, they are targeting to launch a legal entity within six (6) to nine (9) months.
The bank’s CEO expressed that their goal is to help in connecting the Philippines and the Southeast Asia in terms of financial matters. It is set to offer an app wherein users can apply and process transactions like the borrowing of money, saving funds, making an investment, and other financial transactions.
Previously, the Central Bank of the Philippines announced its target which is to digitalize at least 50% of bank transactions. Furthermore, it aims that at least 70% of the Filipino people will own official accounts by 2023.
You may also visit – Central Bank Speaks on Capacity of PH If US Would Increase the Interest Rates