Aboitiz family gets BSP’s nod to launch digital bank
Money

Aboitiz family gets BSP’s nod to launch digital bank

UnionBank of the Philippines, led by the Cebu-based Aboitiz clan, has secured a digital banking license from the Bangko Sentral ng Pilipinas.

UnionBank of the Philippines, led by the Cebu-based Aboitiz clan, has secured a digital banking license from the Bangko Sentral ng Pilipinas.

In a reglatory filing, UnionBank said it secured the BSP’s green light to establish a digital bank to be known as Union Digital Bank subject to regulatory conditions.

UnionBank has been ramping up its digital transformation as more customers turn to technology due to COVID-19 restrictions.

Its plan is to expand financial services to the unbanked sector by providing them access to digital channels and digital lending as well as e-commerce.

The bank is migrating its IT infrastructure from on-premises to the cloud by 2022. Using Amazon Web Services (AWS) as its cloud platform, UnionBank hopes to reduce operation costs and infrastructure maintenance by $1 million over the next five years.

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