MANILA - Bangko Sentral ng Pilipinas' licensed digital bank UNObank on Friday said it would rebrand to Uno Digital Bank ahead of its targeted rollout in the second quarter of 2022.
Uno Digital Bank is backed by Singapore-based fintech company UNOAsia Pts Ltd. The digital bank is among the 6 licensed by the BSP to operate in the country.
Its new brand name and refreshed visual identity reiterate the "digital nature" of the business, the bank said in a statement.
“We are a credit-led digital bank that is pioneering an elevated approach to banking: one that makes meeting life’s financial needs simple and accessible for the customer, while also fueling growth and innovation in the industry," UNOAsia Pte. Ltd. co-founder and CEO Manish Bhai said.
"These are the attributes that we have mirrored in the new brand," Bhai added.
Uno Digital Bank said it would offer "one trusted interface" to meet the Filipinos' financial needs with speed, ease, and simplicity.
The bank said people should not get used to "making time" for banking, instead, it should be a natural part of life's routine.
The color palette of capri, french violet, steel pink, and goldenrod signifies 4 aspects of financial needs, namely to manage, grow, leverage, and secure money, it added.
Once operational, Uno Digital Bank will allow users to save, borrow, transact, invest, and manage their finances, among others.
The BSP in 2021 granted 6 digital banking licenses under its new Digital Banking Framework.
Aside from Uno Digital Bank, the central bank also granted digital banking licenses to Landbank's Overseas Filipino Bank (OF Bank), another Singapore-based fintech-backed Tonik Bank, UnionBank's Union Digital, Gokongwei Group's GOTyme, and PayMaya's Maya Bank.
JG Summit President and CEO Lance Gokongwei earlier said GOTyme could launch by mid-2022.
Digital banks have no physical branches and are designed to boost financial inclusion in the country by making the onboarding process faster and more accessible.
The approval of digital banking platforms in the country is part of the BSP's thrust to raise digital payments to 50 percent and encourage 70 percent of the population to open bank accounts by 2023.
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