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5 FinTechs digitising the banking experience in Philippines

By Gloria Mathias

April 02, 2024

  • Bangko Sentral ng Pilipinas (BSP)
  • Digital Bank
  • fintech APAC
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Free vector e-wallet concept illustrationDigital banks, also known as neobanks or virtual banks, represent a new breed of financial institutions that operate exclusively online, without physical branch networks. Leveraging technology and streamlined processes, digital banks offer a range of banking services entirely through digital channels, accessible via web or mobile applications. This innovative approach allows customers to conduct various financial transactions, such as account management, payments, lending, and investment, conveniently and efficiently from their devices.

In the Philippines, the digital banking ecosystem is robust and diverse, comprising traditional banks, neobanks, and FinTech startups. With increasing smartphone penetration and regulatory support from the Bangko Sentral ng Pilipinas (BSP), digital banks are reshaping the financial landscape, driving financial inclusion, and empowering customers to manage their finances conveniently and efficiently.

Digital bank’s heightened adoption is poised to play a pivotal role in shaping the future of banking in the Philippines, driving greater financial inclusion and empowering individuals and businesses to thrive in the digital economy.

Listed below are 5 digital banks transforming the FinTech landscape in Philippines:

GoTyme Bank is at the heart of next-level banking in the Philippines, one that puts customer service and ease of access at the forefront of the Filipino banking experience. GoTyme Bank aims to unlock Filipinos’ financial potential with the convenience and security of digital banking, supported by best-in-class personal customer service available 24/7. Together, these make up our high-tech-high touch approach to banking.

Maya is the all-in-one money platform that is bringing Filipinos bolder ways to master their money. It is powered by a unique integrated financial services ecosystem that addresses the ever-evolving needs of today’s generation of money-makers through cutting-edge technology. Maya is powered by the country’s end-to-end digital payments company Maya Philippines, Inc. and Maya Bank, Inc. for digital banking services.

Tonik is a neobank based in the Philippines. It was founded in 2018 and received its banking license from the Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, in 2020. Tonik operates as a digital-only bank, offering various financial products and services entirely through its mobile app. The bank primarily focuses on providing high-interest savings accounts and flexible deposit products to its customers. Tonik aims to offer a user-friendly and seamless banking experience, leveraging technology to streamline processes and reduce fees typically associated with traditional banks.

Uno Digital Bank is the first licensed digital bank in the Philippines, authorized by the Bangko Sentral ng Pilipinas. It provides a range of banking services, including savings accounts, loans, and investments, all accessible through its digital platform. Uno Digital Bank operates solely online, offering convenient and innovative solutions to Filipino consumers without the need for physical branches.

UnionDigital Bank is a digital bank, wholly owned by Union Bank of the Philippines. It aims to make banking safer and more accessible to Filipinos, empowering the country’s digital economy. It enables Filipino communities, businesses, problem solvers, and regulators to leverage on FinTech, Blockchain, and Open Finance technologies, to move towards one goal of achieving inclusive prosperity.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q4 2023

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