Singapore-headquartered fintech DigibankASIA has secured the licence to operate a digital bank in the Philippines.
The move will enable DigibankASIA-created UNObank to begin operations in the South-Asian country.
According to DigibankASIA, UNObank is the first entity to receive the licence entirely under the Digital Banking License framework.
UNObank is working with several companies including technology firms including Mambu, Backbase and AWS to support its rollout. Earlier this year, DigiBankASIA partnered with IT consulting firm Xebia to support the launch.
The digital lender will focus on boosting financial inclusion in the Philippines. The offerings will include one app and one card to enable the customers save, borrow, transact and invest their money.
UNObank co-founder and CTO Puneet Gupta said: “As a fintech company, we are based in Singapore to tap the vibrant fintech community here for the latest in innovation and technological development.
“We are in the midst of building a robust, highly secure digital banking platform for UNObank. We are ensuring that the technology we use has the flexibility to create unique customised solutions that will enhance the user experience and add immense value to those Filipinos communities that are currently unserved and underserved.”
Notably, a significant percentage of the population in The Philippines is unbanked.
According to a central bank survey, the number of unbanked Filipino adults is estimated at 51.2 million, out of a total adult population of 72 million in 2019.