UnionBank clarifies launch of digital bank UnionDigital will be later this year

ABS-CBN News

Posted at Jul 01 2022 01:29 PM

MANILA - UnionBank said it is eyeing the launch of its digital bank UnionDigital in the third or fourth quarter of this year.

The Aboitiz-led bank on Tuesday said that it targeted to launch UnionDigital this month, but the company issued a statement this Friday that the digital bank would be launched later this year. 

"We would like to clarify a recent statement made regarding the launch of UnionDigital. We are ensuring an amazing experience for our customers with ongoing due diligence. UnionDigital is targeted to launch in the 3rd or 4th quarter of this year," UnionBank said. 

UnionDigital secured a digital banking license from the Bangko Sentral ng Pilipinas in June 2021.

The BSP expects digital banks to boost financial inclusivity in the country by making the opening of formal accounts more accessible using the branchless platform.

So far, only LandBank's Overseas Filipino Bank, Paymaya's Maya Bank and the Singapore fintech-backed Tonik are operating as digital banks.

The Gokongwei Group's GoTyme eyes launching in mid-2022. UnoBank also said it was aiming to offer services this year.

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