Union Bank of the Philippines’ all-digital bank UnionDigital Bank (UnionDigital) has completed the final stage of securing the license to operate from the Bangko Sentral ng Pilipinas (BSP).
In a media release sent Thursday, UnionDigital said the BSP has granted a Certificate of Authority (COA) to operate as a digital bank on July 12, 2022.
Currently, the BSP has granted licenses to only six digital banks in the country.
“UnionBank takes a hybrid approach to the future as it continues to undergo tremendous transformation to embrace the digital future and adopt as much of a digital interface as possible,” Arvie de Vera, co-founder and CEO of UnionDigital, said in a previous report.
UnionDigital Bank hopes to enable clients to leverage new technologies such as fintech, blockchain, and open finance toward the achievement of the country’s financial inclusion goals.
UnionDigital Bank app is now live to a limited set of customers. For now, the app is currently available by invitation only.