UNO Digital Bank has unveiled a digital-only banking platform that operates solely online without any physical location as a convenient financial service alternative.
With more than 41 million Filipinos who still do not have formal bank accounts and are missing out on economic opportunities and financial security, ‘neobanking’ is emerging as the most practical solution.
“The opportunity for us to make better financial services is huge. But you always have to keep in mind what the customer really wants. You should look at trying to solve their problems and pain points in creating a product,” Manish Bhai, founder and CEO of UNO Digital Bank, said.
Addressing the reluctance of many people to get a bank account from brick-and-mortar financial institutions, he said that a digital bank can open the door for them because it has less documentary requirements and can accomplish real-time online banking, ranging from deposits, and payments, to securing loans.
UNO Digital Bank is one of the six licensed digital banks by Bangko Sentral ng Pilipinas (BSP) and the first fintech firm in the region to get an outright digital banking license.
It was launched during the inaugural Philippine FinTech Festival (PFF) and the World Fintech Festival Philippines in October. Convening both the PFF and the WFF-Philippines is Digital Pilipinas, the largest private sector movement for creating a technology and innovation ecosystem geared to bring about technological acceleration in the country and building an anti-fragile system in its societal structures and industries.
The products available in the initial version of UNO mobile app are the following: UNOready HIGH-RATE savings account; UNOboost Time Deposit; and UNOearn Time Deposit.
All deposit products are insured up to P500,000 per depositor by PDIC. Other products in the pipeline are loans, insurance, and investments products.
