UNObank clinches Philippines’ third digital bank license

Parent DigibankASIA will work alongside partners Mambu, Backbase, and AWS in developing its services.

UNObank, the brainchild of Singapore-based fintech company DigibankASIA, has clinched the Philippines’ third digital bank license.

The country granted three digital bank licences: two of which are conversions from previous bank licenses. UNObank is reportedly the first to receive a license outright to operate a digital-only bank, according to a press release.

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UNObank is incorporated by Singapore-based fintech DigibankASIA. It will be helmed by Manish Bhai, who is one of the three founders of DigibankASIA alongside Kalidas Ghose and Puneet Gupta. All three are experienced bankers or have worked in the field of financial technology before building their own company.

“The BSP’s vision and foresight to digitize the local banking industry is future-forward and apt, because ultimately it will help align the Philippines as a modern banking center for the region,” said UNOBank CEO Bhai. “We are very grateful to the BSP and honoured by the trust placed in our team.”

With UNObank, the founders aim to help bridge the financial inclusion gap in the Philippines and eventually Southeast and South Asia.

The bank is being built alongside products and services from tech industry leaders including Mambu, Backbase, and AWS.

Photo courtesy of Mae Fernando