UnionDigital Bank Secures BSP’s Approval to Begin Operations
by Fintech News Philippines July 20, 2022UnionDigital Bank announced that it has secured the necessary approval from the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank on July 12, 2022.
The receipt of a Certificate of Authority (COA) is the final step in the three-stage digital bank license application process.
The UnionDigital Bank app is now live to a limited set of customers. For now, the app is currently available by invitation only.
Future updates on the launch will be available through the digital bank’s social media channels.
UnionDigital Bank said in a statement that it “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 digital bank entity of the Union Bank of the Philippines is among the six recipients of the digital bank licenses that were issued by the central bank, including two incumbent banks which have converted their existing licenses to digital bank licenses.
These include UNO Digital Bank, GoTyme and PayMaya. Meanwhile, Overseas Filipino Bank and Tonik are banks that converted their existing licenses to digital banks.
