UnionBank’s digital arm UnionDigital begins operations
Aboitiz-led Union Bank of the Philippines officially launched its digital banking arm UnionDigital a week after it secured the Bangko Sentral ng Pilipinas’ (BSP) approval to operate.
"Pursuant to the Authority to Operate a digital bank granted in its favor by the Bangko Sentral ng Pilipinas last July 12, 2022, UnionDigital Bank Inc., UnionBank’s wholly-owned subsidiary, commenced operations today, July 18, 2022," UnionBank said in a disclosure to the Philippine Stock Exchange (PSE).
No other details regarding the rollout were disclosed.
UnionDigital is the fourth bank to be granted a digital banking license by the BSP after the central bank issued a circular recognizing “digital banks” as a new bank category separate from existing bank categories in December 2020 and capped the minimum capital requirement for digital banks at P1 billion.
The other five digital banks approved by the BSP are Overseas Filipino Bank of Land Bank of the Philippines, neobank Tonik Bank of Singapore, UNObank of Singapore, GOtyme of Robinsons Bank Corp., and Maya Bank of PayMaya.