UnionDigital Bank (UnionDigital), the wholly-owned digital banking subsidiary of UnionBank, has officially begun operations as one of the country’s first digital banks upon approval from Bangko Sentral Pilipinas (BSP).
“I am proud to announce that UnionDigital Bank has received approval to operate from the Bangko Sentral!” exclaimed UnionDigital co-founder and CEO Arvie De Vera in a LinkedIn post. “This is the final step in an arduous 3 stage application process, and now, we are officially operational as a bank.”
In a disclosure posted in the Philippine Stock Exchange, UnionBank revealed that BSP awarded a certificate of authority granting UnionDigital Bank Inc. a license to operate last July 12, making the Bank one of only six digital banks approved by BSP to operate in the country.
“UnionDigital Bank reimagines banking without branches, paper, vaults or outdated frameworks, allowing us to build what we have always envisioned for the Philippines—A teched up nation where the best financial solutions are available to all communities, regardless of occupation, wealth, or location,” he shared.
De Vera continued, “Why shouldn’t our farmers or tricycle drivers have access to the best-in-class financial technologies? Why shouldn’t people who use virtual assets like NFTs and crypto have access to regulated banking? What good is prosperity as a country if it isn’t inclusive?”
Since being granted approval, the UnionDigital has already made strides in its goal to promote financial inclusion as it entered into a partnership with Singapore-based Nexus Enterprise Technologies Pte. Ltd. (Nexplay), which manages e-sports teams and serves as a video game content platform.
The partnership, according to De Vera, allows UnionDigital to offer its financial services to Filipino gamers, giving them access to a digital bank account. “Nexplay opens opportunities for us to engage our country’s digital natives in platforms they are quite familiar with games. This is particularly important if you consider the rise of play-to-earn gaming and content streaming in the Philippines,” he explained.
