MANILA - UNObank backed by Singapore-based fintech company DigibankASIA Pte Ltd said it could launch its services in the Philippines a few months from now after securing a digital banking license from the Bangko Sentral ng Pilipinas.
UNObank is among the first 3 digital banks which were granted a license to operate by the BSP under the new digital bank category.
The Overseas Filipino Bank and Tonik have also secured the same license from the regulator.
Digital banks have no physical and face-to-face interaction with customers with transactions fully completed online.
"Getting the license approval is a precondition to setting up the banking legal entity in The Philippines. UNObank Inc. will now be set up soon with a goal to launch within 6 to 9 months," UNObank co-founder and CEO Manish Bhai told ABS-CBN News.
Bhai said the goal is to help bridge the financial inclusion gap in the Philippines and in Southeast Asia. It will offer one app that will enable users to save, borrow, transact, invest and protect their finances with ease.
"Long term, our goal is to bridge the gap to financial inclusion. With UNObank, we are building the first full-spectrum digital bank to service those with unmet financial needs in Southeast and South Asia," Bhai said.
The BSP earlier said its goal was to digitalize at least 50 percent of transactions and encourage at least 70 percent of Filipinos to own financial accounts by 2023 as part of its digitalization roadmap.
Many financial firms, mobile wallets and traditional banks have also been offering digital services online through their digital platforms.