Image from UnionBank's website

MANILA - UnionBank of the Philippines on Wednesday said the Bangko Sentral ng Pilipinas (BSP) has approved its application to establish a digital bank.

"Please be informed that the Bangko Sentral ng Pilipinas approved on July 15, 2021, per its Letter dated July 19, 2021, which was received by Union Bank of the Philippines today, the application for authority to establish a digital bank," it said in a disclosure to the stock exchange.

Its wholly-owned subsidiary will be called UnionDigital, UnionBank said.

Digital banks are financial institutions without physical branches and are regulated under the BSP's newly launched digital banking framework.

So far, the BSP has granted digital banking licenses to LandBank's Overseas Filipino Bank (OF Bank), Tonik Bank and UnoBank.

UnoBank, backed by Singapore-based fintech company DigibankASIA, is eyeing Philippine launch in the coming months.

BSP Governor Benjamin Diokno earlier said several other groups have filed an application to establish a digital bank including the Gokongwei group.

Source: https://news.abs-cbn.com/business/07/21/21/unionbank-bsp-approved-digital-bank