UnionBank clinches Philippines’ 4th digital bank license

UnionDigital will be a wholly-owned subsidiary of the Philippine lender.

UnionBank of the Philippines has gained the approval of the Bangko Sentral ng Pilipinas (BSP) to establish a digital-only bank, according to a bourse filing.

BSP gave the green light for Union Digital Bank or UnionDigital on 15 July, as per a letter that the bank received on 19 July. It will be a wholly-owned subsidiary of the bank.

This is the fourth digital-bank license to be granted by BSP following Landbank of the Philippines’ OFBank, Tonik Digital Bank, and UNO Bank.