Union Bank of the Philippines (UnionBank) is the first local, privately-owned and listed universal bank in the country to be granted a digital bank license by the Bangko Sentral ng Pilipinas (BSP) in UnionDigital.
The launch of UnionDigital furthers the Bank’s digital transformation mandate and “Tech Up Pilipinas,” the movement UnionBank began to enable and empower Filipinos through smart banking and innovation.
UnionBank President & CEO Edwin Bautista earlier said that UnionDigital is specifically geared towards serving and supporting the unbanked and underserved, and thus, is a vehicle to achieve inclusive prosperity.
Equipped with UnionBank’s experience in pioneering digital banking products over the years, it is applying best practices to the new digital bank. Meanwhile, UnionDigital will move at lightning speed and is going to catapult UnionBank’s digital transformation to the highest exponential degree possible.
It will do so by leveraging on UnionBank’s banking pedigree, fintech capability, existing ecosystems and its deep knowledge of the country to truly Tech Up the Philippines.
Strategically, Bautista sees UnionDigital as a chance to build an ideal digital bank aligned with the BSP’s roadmap on digital transformation in financial services.
UnionDigital Co-Founder & CEO Arvie de Vera, shared during the Management Association of the Philippines webinar on The Rise of the Challenger Banks held on September 28 that “Born natively digital, branch-less, paper-less and with no manual processes or legacy infrastructure systems, UnionDigital will have the speed and agility of a fintech, with the governance and risk controls of a bank.”
Armed with the learnings and leadership of UnionBank, UnionDigital aims to provide customers with a superior digital banking experience while ensuring that trust and proper governance are in place.