UnionDigital Bank poised to access growth in Digital Loans with P900M capital approval from UnionBank

UnionDigital Bank partners with MWell to implement its embedded financial services to its 1.5M customers

UnionDigital Bank (UD) secured a capital infusion approval of up to P900 million from its parent bank, Union Bank of the Philippines. This latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app.

 

This capital boost will enable UD to expand its digital loan offerings via its app and APIs, providing customers with faster access to credit and a seamless loan application process. The capital infusion is still subject to Bangko Sentral ng Pilipinas (BSP) regulatory approval. 

 

uniondigital bank gets approal from unionbank of the Philippines
uniondigital bank gets approal from unionbank of the Philippines

 

“This approved funding indicates UnionBank’s confidence in our strategic growth plan and strong financial performance. We will use this to fuel our growth trajectory and allow us to better serve the financial needs of our customers,” said Henry Aguda, President and CEO of UnionDigital Bank. “Nearly 70% of our customer base comprise of individuals with limited means at the base of the income pyramid – these are the people we want to help and include in the financial system.”

 

UD also recorded net profits in the first quarter of 2023, driven by its ecosystem-led business model. Moreover, the digital bank’s push towards embedded finance enables new avenues for customers to engage with banking services. 

 

UD kickstarted this with their recent partnerships with mWell, implementing embedded financial services for its 1.5 million customers and 5,000 doctors and health professionals, as well as HUAWEI, tapping into their 7 million customer base and ecosystem of services.

 

“We have built a strong pipeline of partnerships and are actively scaling up our digital channels to help us diversify our deposit base and loan book,” said Mike Singh, Chief Commercial and Revenue Officer, UnionDigital Bank. “The approved capital will not only improve our financial strength but also unlock a lot of opportunities, especially in driving our mission to improve access to credit for every Filipino, regardless of their location. As we accelerate our digital loan offerings, we will empower more Filipinos to achieve their financial aspirations, wherever they may be.” 

 

UnionDigital Bank is on a mission to bring financial inclusion, uplifting one community at a time. With this in mind, the digital bank is committed to break down barriers that prevent individuals from accessing financial services, empowering Filipinos everywhere to build a secure future.

 

Eli

Eli has 28 years of extensive IT sales expertise in Data, voice and network security and integrating them is his masterpiece. Photography and writing is his passion. Growing up as a kid, his father taught him to use the steel bodied Pentax and Hanimex 135mm film and single-direction flash, Polaroid cameras, and before going digital, he used mini DV tape with his Canon videocam. He now shoots with his Canon EOS 30D. Photography and blogging is a powerful mixture for him.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button