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News UnionDigital Bank secures BSP approval to start operations

UnionDigital Bank secures BSP approval to start operations


MANILA, Philippines — The Bangko Sentral ng Pilipinas gave the go-ahead for UnionBank of the Philippines’ digital banking arm to start operations.

In a disclosure sent to the Philippine Stock Exchange on Thursday, the Aboitiz-led bank said the BSP awarded a certificate of authority to operate a digital to their subsidiary UnionDigital Bank Inc on July 12. UBP was one of six banking entities that made the BSP’s cut last year since other institutions failed to comply with requirements.

The certificate from the BSP is the last of a three-staged process for institutions that applied for digital banking licenses. After this, the central bank requires digital banks to inform them five days after business commences what their banking days and hours are and submit a balance sheet as of the first day of operations.

In April, the central bank awarded Pangilinan-owned Maya Bank the same certification to start operations.  Besides the two, the BSP has awarded digital banking licenses to Overseas Filipino Bank, Tonik Digital Bank, UNObank, and GOtyme.

Shares in UBP were trading down 2.02% on Thursday afternoon.

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