Thursday, June 20, 2024

UnionDigital Bank attracts 1.73 million customers in PH

UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, announced that it has acquired 1.73 million customers, reached $70 million in loan book size, and collected  $50 million in deposits from its first four months of operations in the country.

“Since our launch, UnionDigital Bank has been focusing on serving the needs of the underserved communities within UnionBank by offering digital deposit and lending products to our ecosystem, and we will continue to support the needs of these customers with additional products over time,” said Arvie de Vera, co-founder, president, and CEO of UnionDigital Bank.

“The series of milestones that we have been able to achieve is a testament to the strong execution power of the team, in accordance with our community-led business model.”

De Vera further credits this achievement to the Digital Bank’s “laser focus” on the fundamentals: prioritizing the balance sheet.

 “As a bank we’re very clear: it’s not just about having a cool app or millions of users who don’t generate revenue – it’s about a balance sheet. It’s about growing the loan book because that’s where the revenues come from- it doesn’t come from payments, it doesn’t come from sign ups. Valuation is great, but it’s not profitability,” he said.

In yet another milestone, UnionDigital Bank onboarded its first corporate account customer, Philippine Digital Asset Exchange (PDAX), marking the commencement of accumulating corporate account openings at UnionDigital Bank.

Following PDAX, UnionDigital Bank aims to expand its partnership base with other leading communities and corporates, following its commercial launch.

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