SEC approves incorporation of UnionBank’s digital banking unit UnionDigital

The Securities and Exchange Commission (SEC) approves the incorporation of a digital bank backed by the Union Bank of the Philippines.

In a disclosure to the Philippine Stock Exchange (PSE) on Monday, the Aboitiz-led bank said it received the SEC’s clearance for the incorporation of its wholly-owned subsidiary, Union Digital Bank (UnionDigital).

“Please be informed that Union Bank of the Philippines received today, November 26, 2021, the approval of the Securities and Exchange Commission on November 25, 2021 of the articles of incorporation and by-laws of UNIONDIGITAL BANK INC. (“UnionDigital”), a wholly-owned subsidiary of UnionBank,” the company told the stock exchange.

UnionDigital is among the six banks that have secured a digital banking license from the Banko Sentral ng Pilipinas (BSP), along with Overseas Filipino Bank (OFBank), Tonik Digital Bank, UNObank, GOtyme, and Maya Bank.

The approval of the six applications is part of the government’s efforts to boost the digitalization of the financial industry.

Source:
https://edge.pse.com.ph/openDiscViewer.do?edge_no=73204dbff852d0665d542af6f1e997b9