Aboitiz family gets BSP nod to start digital banking business

Union Bank of the Philippines said its digital bank secured the Bangko Sentral ng Pilipinas’ approval to start operations.

Its wholly owned subsidiary, UnionDigital Bank Inc., received from the BSP its certificate of authority to operate a digital bank.

UnionBank said the certificate is the final stage in the 3-stage digital bank license application process.

It secured a digital banking license in July last year. Digital banks are required to have an authorized capital of P1 billion.