UNObank obtains digital bank license in the Philippines

By Leandra Monteiro

UNObank backed by Singapore-based FinTech company DigibankASIA Pte Ltd aims to launch its services in the Philippines in a few months after securing a digital banking license from the Bangko Sentral ng Pilipinas.

This makes UNObank among the first 3 digital banks which were granted a license to operate by the BSP under the new digital bank category. The other two being the Overseas Filipino Bank and Tonik, both have also secured the same license from the regulator.

“The BSP’s vision and foresight to digitize the local banking industry is future-forward and apt, because ultimately it will help align the Philippines as a modern banking center for the region,” UNOBank Chief Executive Officer Manish Bhai said in a statement, according to media reports. “We are very grateful to the BSP and honoured by the trust placed in our team.”

“Long term, our goal is to bridge the gap to financial inclusion. With UNObank, we are building the first full-spectrum digital bank to service those with unmet financial needs in Southeast and South Asia,” Bhai added

“As a fintech company, we are based in Singapore to tap the vibrant fintech community here for the latest in innovation and technological development. We are in the midst of building a robust, highly secure digital banking platform for UNObank,” commented Puneet Gupta, co-founder and CTO of UNObank, according to media reports. “We are ensuring that the technology we use has the flexibility to create unique customised solutions that will enhance the user experience and add immense value to those Filipinos communities that are currently unserved and underserved.”