Union Bank to Launch Its Digital Bank
Source: Chloe
Securities and Exchange Commission (SEC) has approved the incorporation of Union Bank’s digital bank, UnionDigital.
UnionDigital earlier secured a licence from the Bangko Sentral Pilipinas (BSP) to operate as a digital bank. The BSP gave limited slots for the initial phase of digital bank operations in the country.
UnionDigital is among the six digital banks approved by the BSP to operate digital banks as part of its efforts to boost digital payments in the country, along with GoTyme, Tonik Bank, UnoBank, OF Bank, and Maya Bank.
Digital banks have no physical branches and are designed to ease the unbanked's formal entry into the financial system.
(Source: The Paypers)
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