Philippines-based Union Bank has announced that the Securities and Exchange Commission has approved the incorporation of its digital bank UnionDigital.
UnionDigital earlier secured a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a digital bank. The BSP gave limited slots for the initial phase of digital bank operations in the country.
UnionDigital is among the 6 digital banks approved by the BSP to operate digital banks as part of its efforts to boost digital payments in the country, along with GoTyme, Tonik Bank, UnoBank, OF Bank and Maya Bank. The BSP earlier said the pandemic has accelerated the usage of InstaPay and PESONet with 1 in 5 payments now done digitally.
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