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Philippines' UnionBank secures digital banking license


UnionBank first traditional Philippines bank to secure digital banking license
By
On 15 July, the Union Bank of the Philippines (UnionBank) became the first publicly-listed, traditional bank to receive a digital banking license by the Philippines central bank, Bangko Sentral ng Pilipinas (BSP). The digital bank will be incorporated as Union Digital Bank (UnionDigital), a wholly-owned subsidiary of UnionBank.
Much of the rest of fast-growing Southeast Asia (SEA) has rapidly moved onto adopting innovations and progressing their digital footprint, with the Philippines in recent times catching up to its regional peers.
In 2019, SMEs recognized the urgent need to digitalize. A report by BSP  in 2019 found that a staggering 71% of Filipino adults are unbanked, making traditional banking services out of reach for most. This is largely due to the geographical nature of the Philippines, which comprises over 7,500 islands.  ....

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Banking on digitalisation for sustainability


Banking on digitalisation for sustainability
28 Jun 2021 / 10:42 H.
Digitalisation and sustainability initiatives are top of the agenda for Southeast Asian banks, and will be the key drivers of banking profits in the next few decades.
IT has been challenging for Asean banks to adapt their operations and maintain banking profits during the pandemic. Southeast Asian banks are also worried that further movement restrictions may affect banking profits.
Nevertheless, Southeast Asian banks can seize the opportunities from the rising demand in banking and financial services. This increase is primarily due to the increasing wealth of Southeast Asia’s rising middle class as well as the digital adoption during the pandemic. ....

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