UNObank gets digital banking licence in Philippines

UNObank, a Singapore-based fintech, has received a licence to operate a digital bank in the Philippines.

Uno, which is operated by Digibank Asia, has been working with digital services and consulting company Xebia, fintech software provider Backbase, cloud banking provider Mambu and Amazon Web Services, for its rollout in the Philippines.

According to finews, Uno aims to help Filipinos have access to basic financial services and hopes to extend its services to the rest of Southeast Asia and South Asia. Around 70% of the population of the Philippines is considered unbanked, while the country has very high mobile penetration, with 60% owning a smartphone and 67% of the population using the internet.