Does it's a new banks on Philippines ? I don't think digital banks are something new anymore. AFAIK Philippines also a friendly country about cryptocurrency, so it's not really surprising for me. The disadvantage of digital banks are hack incident and getting phished, so anyone should visit the right URL before giving any sensitive information.
Although digital banks sound like more convenient than land based banks, but you could give a try and you will know the requirement to make a new account isn't easy that would take for few days or week to complete it.
Topic: 6 Digital banks are now involved in the cryptocurrency - page 2. (Read 200 times)
Good news from the BSP (Banko Sentral ng Pilipinas)
The BSP (Banko Sentral ng Pilipinas) has announced that
It has completed the issuance of certificates of authority (COA) to six companies that applied for digital banking licenses. This COA can prove that they are in the final step to being able to operate officially.
Among the 6 digital banks that will be able to operate with approval from the BSP are the following:
1. GO time bank - https://www.gotyme.com.ph/
2. Union Digital bank - https://uniondigitalbank.io/
3. Tonic digital bank - https://tonikbank.com/
4. Maya digital bank - https://www.maya.ph/
5. Overseas Filipino Bank Inc. - https://www.ofbank.com.ph/
6. Uno digital bank - https://www.unobank.asia/
The others here are fully operational and the others are limited operations. And for those who are confused about digital banks, basically, it is a type of bank that no longer has physical branches or locations like traditional banks.
Besides that, their products and services can only be processed online. The BSP's issuance of licenses to digital banks especially during the pandemic is a campaign to digitize retail payment in the country.
This BSP digital payment transformation roadmap also aims to onboard at least 70% of Filipino adults to the formal financial system by the year 2023.
This is good news for us to have options to have a bank that is easy and not more hassle way.
Sources:
- https://www.pna.gov.ph/articles/1182068#:~:text=The%20BSP%20said%20OFBank%2C%20TONDB,second%20half%20of%20the%20year.
- https://www.philstar.com/business/2022/08/24/2204826/bsp-6-digital-banks-may-start-full-operations
- https://www.manilatimes.net/2022/08/25/business/top-business/bsp-allows-6-digital-banks-to-operate/1855852
The BSP (Banko Sentral ng Pilipinas) has announced that
It has completed the issuance of certificates of authority (COA) to six companies that applied for digital banking licenses. This COA can prove that they are in the final step to being able to operate officially.
Among the 6 digital banks that will be able to operate with approval from the BSP are the following:
1. GO time bank - https://www.gotyme.com.ph/
2. Union Digital bank - https://uniondigitalbank.io/
3. Tonic digital bank - https://tonikbank.com/
4. Maya digital bank - https://www.maya.ph/
5. Overseas Filipino Bank Inc. - https://www.ofbank.com.ph/
6. Uno digital bank - https://www.unobank.asia/
The others here are fully operational and the others are limited operations. And for those who are confused about digital banks, basically, it is a type of bank that no longer has physical branches or locations like traditional banks.
Besides that, their products and services can only be processed online. The BSP's issuance of licenses to digital banks especially during the pandemic is a campaign to digitize retail payment in the country.
This BSP digital payment transformation roadmap also aims to onboard at least 70% of Filipino adults to the formal financial system by the year 2023.
This is good news for us to have options to have a bank that is easy and not more hassle way.
Sources:
- https://www.pna.gov.ph/articles/1182068#:~:text=The%20BSP%20said%20OFBank%2C%20TONDB,second%20half%20of%20the%20year.
- https://www.philstar.com/business/2022/08/24/2204826/bsp-6-digital-banks-may-start-full-operations
- https://www.manilatimes.net/2022/08/25/business/top-business/bsp-allows-6-digital-banks-to-operate/1855852
Jump to: