Virtual Banking
Tonik Strengthens Finastra Partnership as It Surpasses 1 Million Users
Philippines’ digital bank Tonik announced that it has renewed its partnership with financial services software and cloud solutions provider Finastra. Through this partnership, Finastra’s Essence core banking platform will continue to power Tonik’s end-to-end banking operations. Essence is cloud-enabled and
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How 6 Licensed Digital Banks in the Philippines Have Progressed
In the dynamic landscape of the Philippine fintech sector, 2023 has emerged as a pivotal year, signifying the nation’s determined stride toward enhanced financial inclusion and digital transformation. Digital banking in the Philippines is progressively making its mark, with significant
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Maya Bank Makes Strides With 2.3M Users, PHP 25B Deposits
Philippines digital bank Maya has signed on 2.3 million users, pulled in PHP25 billion in deposits as well as disbursed over PHP10 billion in loans as of June 2023 since its launch in April 2022, according to a report by
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UnionBank Injects PHP 900 Million Capital into UnionDigital Bank
UnionDigital Bank (UD), the digital banking subsidiary of Union Bank of the Philippines, has secured PHP 900 million (US$ 16.2 million) from its parent bank. The capital infusion is still subject to Bangko Sentral ng Pilipinas’ (BSP) regulatory approval. The
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The Philippines is Fertile Ground for Digital Banking Growth
Recognising the need to foster fintech innovation to achieve financial inclusion goals, regulators in the Philippines are laying the groundwork for digital financial services and digital-first business models, introducing new digital banking licenses, creating a real-time payments system, and establishing
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AWS and Mambu Share Their Guide to Cloud Migration for Incumbent Banks
In today’s rapidly evolving economic environment, businesses need to be able to adapt quickly to changing market and consumer demands. This is especially true for traditional banks and financial institutions experiencing pressure to offer the same level of agility as
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Tonik Surpasses One Million Customers Since Launch
Philippines’ digital bank Tonik announced that it has onboarded over one million customers since its inception. Tonik said that its seamless onboarding process, wide range of financial products, and innovative services have played a significant role in driving its growth.
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How Competitive Are Interests Rates Offered By Philippines’ Digital Banks?
In the Philippines, digital banking challengers are making competitive strides against traditional banks, luring customers with high-yield savings accounts and term deposit products that pay up to 10% per annum (p.a.). The figure represents more than double the national average
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Netbank Closes Series A Funding Round Led by Beenext
Netbank, a Philippines-based neobank that offers Banking-as-a-Service solutions, announced that it has closed its Series A funding round. The investment sum was not disclosed. The round was led by regional venture capital firm Beenext with participation from Kaya Founders and
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UnionDigital Bank Partners mWell to Boost Financial Inclusion Among Filipinos
UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, has partnered with an integrated, fully digital health and wellness platform mWell in an effort to push financial inclusion in the country. Through this partnership, UnionDigital will intergrate
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