
Virtual Banking
Unionbank Becomes the Fourth Bank To Receive Philippines Digital Banking License
The Union Bank of the Philippines, which is part of a conglomerate led by Aboitiz Equity Ventures, is set to form the fourth digital-only bank in the country, according to a Philstar Global report. The UnionBank’s digital banking application was
Read MoreNetbank Partners Three Alternative Lenders to Expand Its Lending Operations
Philippines neobank Netbank has formed partnerships with 3 alternative lenders; Global Mobility Services (GMS), New Cross Credit Gate PH Inc. (Uploan) and Inclusive Financial Technologies, Inc. (Blend PH). This move will allow these lenders to expand their lending without needing
Read MorePayMaya Raises $167m from PLDT, Tencent and IFC; Eyes Digital Banking License
Philippines digital and financial services firm Voyager Innovations announced that it raised US$167 million through its financial technology arm, PayMaya Philippines. This investment includes US$121 million in fresh funding and US$46 million from previously committed funds. Participating in the funding
Read MoreNeobank Netbank Joins the Mastercard Fintech Express to Become a Card Issuer
Netbank announced that it will join the Mastercard Fintech Express programme which gives it access to a vast range of the latter’s digital-first products and enabling it to issue debit and credit cards under its partners’ brands. Through the initiative,
Read MorePhilippines Central Bank Cracks Down on Entities Posing as Digital Banks
The Bangko Sentral ng Pilipinas (BSP) has issued a circular to put a stop to any entities that are misrepresenting themselves as digital banks in their marketing activities. While BSP has only recently granted its first batch of licenses, several
Read MorePhilippines Central Bank BSP Issues Digital Bank License to UNObank
The Bangko Sentral ng Pilipinas (BSP) has granted the third digital bank license to Singapore headquartered fintech DigibankASIA, one of the primary incorporators of UNObank. In the past few months, BSP has granted the other two licenses to state-owned Overseas
Read MoreNeobank Tonik Secures Digital Banking License
Neobank Tonik announced that it has secured a digital bank license from the Bangko Sentral ng Pilipinas (BSP) as it has been operating under a rural banking license since 2019. A year later, BSP had issued a framework on the
Read MoreNeobank Netbank Officially Kicks Off With a Rural Banking License
Netbank, a banking as a service platform in the Philippines, has been launched by an experienced team of international and Filipino bankers. Much like its counterpart Tonik, Netbank is a fully regulated bank operating under a rural banking license. The
Read MoreBSP Deputy Governor: Digital Bank License a Game Changer for Financial Inclusion
As the Philippines begins awarding its first digital banking licenses, incumbents are gearing up for a new era in banking, ramping up their digital capabilities to address market shifts and changing customer expectations. During a virtual panel discussion with Fintech
Read MoreNeobank Tonik Bags US$17 Million in Pre-Series B Funding Round Backed by Sequoia
Philippines neobank Tonik announced that it has raised US$17 million in a Pre-Series B funding round. The round comes on the heels of Tonik’s public launch in March 2021, which saw it secure over US$20 million (1 billion pesos) in
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