Singapore Fintech DigibankAsia Gets Digital Bank License in Philippines
(8 June 2021 – Singapore) Singapore-headquartered fintech DigibankAsia has secured the licence to operate a digital bank in the Philippines, marking the first fintech company approved under Bangko Sentral ng Pilipinas’ (BSP) Digital Banking License framework.
UNObank will focus on boosting financial inclusion in the Philippines, offering one app and one card to enable customers to save, borrow, transact and invest their money. The Bank has been working with digital services and consulting firm Xebia, fintech software provider Backbase, cloud banking provider Mambu and Amazon Web Services, for its rollout in the Philippines.
According to BSP's 2020 Financial Inclusion Survey, 71 percent of Filipino adults are currently unbanked, one of the lowest banking penetration rate in Southeast Asia.
The country's regulator previously issued two digital banking licenses, which are conversions from previous bank licenses.
“The BSP's vision and foresight to digitalise the local banking industry is future-forwards and apt because ultimately it will help align the Philippines as a modern banking centre for the region,” said DigibankAsia co-founder and chief executive officer of UNObank Manish Bhai.