Mambu has been selected by DigiBankASIA as the technology foundation of its new South East Asia focused digital bank UNO.
The new full-service digital bank UNO will roll out initially in the Philippines.
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Currently, approximately 70% of the population of the Philippines is considered ‘unbanked’.
Manish Bhai, CEO and Co-Founder of UNO says: “There are a number of unmet needs in the Philippines. We plan to address these with UNO, particularly the low levels of financial inclusion and consumer credit.
“The Philippines has very high mobile penetration, with 60% owning a smartphone, and 67% of the population using the internet. The market is ripe for innovation and disruption. Filipino customers are absolutely ready for a full-service digital bank like UNO. It will allow customers to save, borrow, transact, protect and invest, all in one innovative, highly personalised app.”
UNO: full spectrum of financial services in a single app
According to Bhai there is currently no challenger digital bank in South East Asia offering the full spectrum of financial services that a customer needs in a single app.
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By GlobalData“We’re excited to make banking more accessible to the Filipino population.”
He adds that DigiBankASIA and Mambu are closely aligned, sharing a focus on AI, composability, and cloud-native services.
Myles Bertrand, Managing Director APAC, at Mambu, says: “What DigiBankASIA is bringing to the Philippines with UNO is a totally unique experience. For the first time ever in this region people will have access to an AI-first, fully composable, all cloud, full stack digital bank. It opens up the world of financial services to the millions of Filipinos who are currently excluded.
“The UNO app utilises the absolute best technologies on the market. And it offers extraordinary micro-personalisation that simply hasn’t been seen before in Asia. But it’s not just about numbers for UNO. They are highly committed to increasing financial inclusion in the region, which is an integral part of Mambu’s mission as well.”
