Gokongwei Group of Companies and Union Bank of the Philippines set their eyes on launching respective digital banks

In a recent interview, BSP Gov. Benjamin Diokno said the Gokongwei Group and the Aboitiz-led Union Bank of the Philippines are among the four companies that have applied for digital banking licenses under the agency’s new framework.

Currently, the BSP has approved the digital banking licenses of Singapore-based UnoBank, neobank Tonik, and the Overseas Filipino Bank (OFBank).

The BSP recently launched the digital bank category and plans to approve only five licenses for its initial phase.

The Gokongwei Group is one of the biggest Philippine-based employers of today. It has interests in banking, food manufacturing, publishing, real estate, and airlines, among others.

Meanwhile, UnionBank has been reported to be ramping up its digitalization efforts way before the COVID-19 outbreak.

With the pandemic being a catalyst for digital transformation, BSP Gov. Diokno is confident that the agency will hit its digitalization targets before the end of 2022.

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Gokongwei group, UnionBank plan to launch own digital banks: BSP