Gone are the days of waiting in long queues just to open an account or withdraw cash. With digital banking, managing your finances is as easy as tapping on your phone.
If you’re looking for a hassle-free way to save, spend, and grow your money, this guide will walk you through everything you need to know about digital banks in the Philippines, including the latest list of digital banks, how they compare, and how to choose the best one for you.
Last updated: 13 February 2025
What are Digital Banks?
Digital banks are typically financial institutions that operate primarily online, offering banking services without the need for physical branches. They provide savings and checking accounts, loans, payment facilities, and more, all accessible through digital platforms such as mobile apps and websites.
Digital banking models emphasise convenience, allowing customers to manage their finances anytime and anywhere.
Bangko Sentral ng Pilipinas’ Role in Licensing Digital Banks in the Philippines
The Bangko Sentral ng Pilipinas (BSP) regulates and supervises all financial institutions in the country. Recognising the potential of digital banking to enhance financial inclusion, the BSP established a framework for digital banks, setting guidelines and requirements for their operation.
In August 2024, the BSP lifted its moratorium on establishing new digital banks, allowing up to 10 digital banks to operate in the Philippines from 2025.
How Many Digital Banks Are There in the Philippines?
Currently, six digital banks have been granted licenses and are operational. These are Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, GoTyme Bank, UNOBank and Union Digital Bank.
With the current allowance for digital banks increased to 10, there is a possibility that more digital banks may enter the market.
List of Digital Banks in the Philippines 2025
GoTyme Bank
GoTyme Bank falls under the ownership of a joint venture between Tyme and the Gokongwei Group, which includes Robinsons Bank, Robinsons Retail Holdings, Inc., and Robinsons Land Corporation. This partnership brought together the strengths of both entities, blending the Gokongwei Group’s extensive ecosystem across diverse industries with TymeBank’s secure and reliable banking platform.
GoTyme Bank aims to have 9 million customers this year through BNPL and crypto solutions.
GoTyme Bank, the Best Digital Bank for Everyday Banking
GoTyme Bank helps its customers through three core functions: sending, shopping, and saving money. It’s transfer to other local ewallets or banks operate under a unique method, which they call “pay one, free one”. This means that for every transfer they pay PHP8 for, the next one is free, and the cycle repeats itself. Transfers between GoTyme Bank accounts are free.
If you opt to use a GoTyme ATM debit card while shopping at their partner stores, you’d potentially earn up to three times the regular Go Rewards points. Finally, GoTyme Bank’s Go Save accounts boasts 4% p.a. in savings while also allowing you to tailor your targetted savings amount and tenure.
Maya Bank
Maya Bank is founded by Voyager Innovations, a technology company in the Philippines. It focuses on delivering digital banking services to MSMEs and Filipino consumers alike. Maya Bank offers a suite of banking solutions to both retail and corporate customers, including savings accounts, time deposits, credit cards, personal loans and flexi loans.
Maya Bank, the Best Digital Bank for MSMEs
Maya Bank offers extensive digital business banking support, inclusive of online solutions like payment links and Shopify plugins, in-store solutions like the Maya terminal and business deposits and flexi loans.
Overseas Filipino Bank
Overseas Filipino Bank is a subsidiary of LANDBANK, formerly known as Philippine Postal Savings Bank Inc. (PPSB). PPSB was acquired by LANDBANK in 2016 and redeveloped to suit the needs Filipinos who are based overseas.
Overseas Filipino Bank offers its customers retail internet banking, alternative payment channels and a OFBANK mobile banking app under its digital banking offerings.
Overseas Filipino Bank, the Best Digital Bank for Filipinos based abroad
Overseas Filipino Bank states that it’s the “first government digital-only bank” in the Philippines and a proud member of BancNet, the largest ATM consortium in the country. It offers overseas Filipinos and OFWs (Overseas Filipino workers) a Visa debit card that allows the account holder to send remittances via Visa Direct via overseas Visa partners.
Aside from this, the bank also offers remittance, loan, deposits and treasury services to its customers.
Tonik Digital Bank
Tonik Digital Bank’s holding company is Tonik Financial Pte Ltd, a Singapore-based corporation. 40% of the bank, under the name Tonik Digital Bank Inc, is under the ownership of local investors, per the local banking laws in the Philippines.
Tonik Digital Bank offers shop installment loans, savings account (including group stashes), time deposits, and a debit card facility too.
Tonik Digital Bank, the Best Digital Bank for Savings
Aside from the Tonik Account, Tonik has Stashes, which allows its customers to save for short to medium term plans like for emergencies, tuition, or vacations. It also has a Group stash feature which allows for multiple people to save together, currently at a rate of 4.5% p.a.
UnionDigital Bank
UnionDigital Bank is wholly owned by the Union Bank of the Philippines, also known as UnionBank. Notably, the bank secured a PHP900 million capital infusion approval from its parent bank in 2023, with the purpose of driving its digital expansion further, including in relation to digital loans.
UnionDigital Bank offers a savings account, time deposits, and cash loans, focusing primarily on Filipino retail customers.
UnionDigital Bank, the Best Digital Bank for a Savings Account
Ubeh Save sends money to other UD accounts (internal transfer), other banks and e-wallets for free (via PESONet). If you wish to send money via InstaPay to other banks or ewallets, it would cost PHP10.
The Ubeh Save account’s rates falls under two tiers for the balances maintained. Any balance below PHP 5 million is calculated at a rate of 3% p.a., while balances of PHP 5 million and above falls under a 4% p.a. interest rate.
UNOBank
UNOBank is owned by Singapore fintech UNOAsia Pte Ltd, according to reports from February 2024. The bank’s founding team has extensive experience in banking, technology and digital transformation, as stated on its website. The digital bank offers savings accounts, time deposits, loans and insurance coverage.
UNOBank, the Best Digital Bank for Insurance
UNOBank partnered with Singlife, enabling it to offer UNO X Singlife products which provide insurance coverage such as financial coverage for medical costs, 3-in-1 financial protection against dengue, COVID-19 and accidents, and cash for income loss due to accidents.
How to Choose the Best Digital Bank in the Philippines
Not sure which digital bank fits your needs? Here are some key factors to consider:
Security & Trustworthiness: Stick with BSP-licensed digital banks that offer multi-factor authentication (MFA) and fraud protection.
Interest Rates: If you’re saving money, look for banks with high interest rates.
Ease of Use: A well-designed mobile app with smooth navigation is a must.
Integration with e-wallets: Some banks like UnionDigital Bank make it super easy to transfer money to and from e-wallets.
Customer Support: You’ll want quick responses in case of issues, so check reviews on customer service quality.
Perks & Features: Consider additional services like loans, credit lines, rewards, or cashback, like those offered by Maya Bank.
Comparing the Six Digital Banks in the Philippines
| Bank | Maya Bank | Overseas Filipino Bank | GoTyme Bank | UnionDigital Bank | Tonik Digital Bank | UNOBank |
|---|---|---|---|---|---|---|
| Ownership | Voyager Innovations | LANDBANK | Tyme and Gokongwei Group | Union Bank of the Philippines | Tonik Financial Pte Ltd | UNOAsia Pte Ltd |
| Target Customer Segment | Retail & MSMEs | Overseas Filipinos and OFWs | Retail shoppers | Retail customers | Retail customers | Retail customers |
| Solutions and Services (Individuals) | savings, time deposit, personal loan, flexi loan, credit card | deposits, loans, investments, remittance | savings, transfers, shopping-based rewards | savings, time deposits, loans | savings, debit card, credit builder loan, shop installment loan | savings, time deposits, loans, insurance |
| Solutions and Services (Businesses) | business deposit account | Not available | Not available | Not available | Not available | Not available |
Source: Bangko Sentral ng Pilipinas and respective banks as of 12 February 2025
Future Trends of Digital Banking in the Philippines
The future of digital banking in the Philippines is shaping up to be more dynamic than ever. With the BSP lifting its moratorium, new players are expected to enter the market, offering better interest rates and enhanced perks. According to recent reports, two Islamic lenders from Malaysia are keen to set up digital banks here, vying to become the Philippines’ first Islamic digital bank.
Banking will also need to shift and become more digitally intuitive, potentially through offering AI-powered services providing personalised financial advice and automated savings.
Additionally, embedded finance could further integrate banking into everyday platforms, making transactions seamless within e-wallets and shopping apps. As digital banking expands, stronger cybersecurity measures will be a top priority, to ensure tighter fraud prevention and safer transactions for users.
FAQs
Are digital banks safe to use?
Yes, all BSP-licensed digital banks follow strict security measures, including encryption and fraud protection.
How do I open a digital bank account?
Download the bank’s mobile app, submit your valid ID, and complete the KYC (Know Your Customer) process online.
Can I deposit cash into a digital bank?
This is dependent on the digital bank itself, and whether they partner with cash-in centres like 7-Eleven, GCash, and other over-the-counter options.
Which digital bank has the highest interest rate?
Tonik Digital Bank offers one of the most highest interest rate at 6% p.a. on time deposits, at the time of writing.