Are you curious about the future of banking? The financial industry is rapidly changing, and digital banks are leading the charge. In the Philippines, six (6) digital banks have recently been granted licenses by the Bangko Sentral ng Pilipinas (BSP), and they are shaking up the traditional banking landscape.
These banks offer innovative solutions and convenient services that cater to the needs of modern customers. If you’re interested in exploring the exciting world of digital banking, here are the six BSP-licensed digital banks you should know about. Get ready to discover a new way of banking!
Digital banking is rapidly gaining popularity in the Philippines, driven by the growing adoption of digital technology and changing consumer preferences. With the government’s support, the Bangko Sentral ng Pilipinas (BSP) has granted licenses to six digital banks, signaling a significant shift in the country’s banking landscape.
These banks offer innovative products and services, such as mobile banking, online account opening, and cashless transactions, which cater to the needs of tech-savvy and digitally connected Filipinos. The convenience and accessibility of digital banking have also helped bridge the gap between the unbanked and underserved populations, giving them access to financial services and promoting financial inclusion.
Digital banking in the Philippines is revolutionizing the way Filipinos bank, making financial transactions easier, faster, and more efficient.
Why consider Digital Banking
Digital banking offers numerous benefits that make it worth considering for anyone looking for a more convenient and efficient way to manage their finances. Here are some reasons why you should consider digital banking:
- Convenience: Digital banking allows you to access your account anytime and anywhere, using your computer or mobile device. You can check your balance, transfer funds, pay bills, and manage your finances on the go, without having to visit a physical bank.
- Lower fees: Digital banks typically have lower fees and charges than traditional banks, as they have lower overhead costs. This can save you money on transaction fees, ATM fees, and other charges.
- Better interest rates: Digital banks often offer higher interest rates on deposits than traditional banks, allowing you to earn more on your savings.
- Enhanced security: Digital banking uses advanced security features, such as two-factor authentication and biometric verification, to protect your account and transactions from fraud and unauthorized access.
- Faster transactions: Digital banking allows you to complete transactions faster, without having to wait in line or fill out paperwork. This can save you time and hassle, especially when you need to transfer funds urgently.
How to Get Started with Digital Banking
Getting started with digital banking is easy, and here are some simple steps you can follow:
- Choose a digital bank – Research and compare the different digital banks available to you. Look at their products, features, fees, and security measures.
- Download the mobile app – Once you have chosen a digital bank, download their mobile app from the App Store or Google Play Store.
- Register and open an account – Follow the instructions to register and open an account. You will need to provide personal information, such as your name, address, and contact details.
- Verify your identity – The digital bank will ask you to verify your identity. You may need to provide a valid ID or take a selfie to complete the verification process.
- Fund your account – Add funds to your account using the available funding options. You can link a debit or credit card, transfer funds from another bank, or deposit cash at a partner outlet.
- Start banking – Once your account is funded, you can start using the digital bank’s services, such as checking your balance, paying bills, transferring money, and making purchases online or in-store.
Always prioritize your security when using digital banking services. Keep your login details and personal information safe, avoid sharing them with anyone, and regularly check your account for any unauthorized transactions.
6 BSP-Licensed Digital Banks You Should Know About
1. GOtyme of Robinsons Bank Corp.
Gotyme is the mobile banking app of Robinsons Bank Corporation, designed to provide customers with a convenient and secure way to manage their finances anytime and anywhere. With Gotyme, customers can access a range of products and services, such as balance inquiry, fund transfer, bills payment, and loan applications.
One of the benefits of using Gotyme is the ease and convenience of banking. Customers can do transactions without the need to visit a physical bank branch. It also has a user-friendly interface, making it easy for users to navigate and use its features. Gotyme also offers competitive rates and fees for its products and services.
Robinsons Bank also offers special promotions and offers exclusively for Gotyme users. These can include discounts on fees, cashback rewards, and other exclusive deals. Additionally, the app is designed with robust security features, including biometric authentication and encryption, ensuring that customers’ financial information is protected from unauthorized access.
Gotyme is an excellent option for those who prefer to manage their finances on-the-go, without sacrificing security and reliability. Its comprehensive features, ease of use, and special offers make it a valuable addition to Robinsons Bank’s suite of products and services.
- Easy Sign-up (App or Kiosk): GoTyme Digital Bank provides a hassle-free account opening process through their mobile app or kiosk, making it easy for customers to sign up and get started with their services.
- Free ATM Debit Card Powered by BancNet and Visa: Customers can enjoy the convenience of withdrawing cash from over 20,000 BancNet and Visa ATMs nationwide using their free ATM debit card, which comes with every account.
- E-mail, Phone, Chat and FAQ: GoTyme Digital Bank offers multiple channels for customer support, including email, phone, chat, and a comprehensive FAQ section, ensuring that customers can get the assistance they need whenever they require it.
- One Number to Call – #GO8888: With just one number to remember, customers can easily contact GoTyme Digital Bank’s customer service team for any inquiries or concerns they may have about their accounts.
- Talk to Us Anytime, Even Holidays: GoTyme Digital Bank’s customer service is available 24/7, including holidays, ensuring that customers can reach out to them at any time.
- BSP-Licensed and PDIC-Insured: GoTyme Digital Bank is licensed by the Bangko Sentral ng Pilipinas (BSP) and is a member of the Philippine Deposit Insurance Corporation (PDIC), providing customers with peace of mind knowing that their deposits are safe and secure.
Here’s a review of the services offered by GOtyme of Robinsons Bank Corp. The vlogger discusses the features, rates and benefits of the bank. The vlogger also talks about how to open an account at GOtyme and what documents you need to bring to the branch, as well as ways to access your accounts online.
2. Maya Bank of PayMaya
Maya Bank, also known as PayMaya, is a digital bank that offers innovative financial products and services in the Philippines. It is a subsidiary of Voyager Innovations, a digital technology company that provides solutions for the country’s digital transformation.
Maya Bank’s products and services include a virtual debit card, a mobile wallet, and digital remittance services. Customers can use the virtual debit card for online shopping and other digital transactions, while the mobile wallet allows them to pay bills, transfer money, and purchase goods and services online and in-store. The digital remittance service allows customers to send money to their loved ones in the Philippines from abroad, without the need for a bank account.
One of the key benefits of Maya Bank is its convenience and accessibility. Customers can easily open an account and access its services using their mobile phones, without the need to visit a physical bank branch. Maya Bank also offers competitive fees and rates, allowing customers to save money on their transactions.
Maya Bank also provides special offers and promotions to its customers. These include cashback rewards, discounts on transactions, and exclusive deals with partner merchants. Maya Bank also regularly collaborates with other companies to offer its customers unique and exciting offers that enhance their overall experience.
- Easy Application: Opening an account is simple and hassle-free, requiring just one valid ID.
- No Maintaining Balance: You won’t need to maintain a minimum balance to keep your account open.
- Safe & Secure: Maya Bank, Inc. is regulated by the Bangko Sentral ng Pilipinas (BSP), and your deposit accounts are insured by PDIC, so you can rest easy knowing your money is safe.
- High Interest: You can enjoy up to 10% interest p.a. daily, making your savings work harder for you.
- Personalized Card: Your card will feature your @username, making it easier for you to shop and withdraw cash.
- Easy Access: It’s easy to get started with just one ID and no minimum balance required.
Here’s a review of the services offered by Maya Bank of PayMaya. The vlogger enjoys the ease of use and convenience of Maya Bank, including the fact that there is no minimum balance requirement. She also notes that she actually gets more interest from this bank than her previous one!
3. Overseas Filipino Bank (OFBank)
The Overseas Filipino Bank (OFBank) is a digital bank in the Philippines that caters to overseas Filipino workers (OFWs) and their families. OFBank offers a range of products and services, such as savings accounts, time deposits, loans, and remittance services, designed to meet the unique needs of OFWs.
One of the benefits of OFBank is its convenient and accessible digital platform, which allows OFWs to easily manage their finances from anywhere in the world. OFBank’s digital services include online account opening, mobile banking, and cashless transactions, which provide OFWs with hassle-free and secure banking experiences.
In addition to its regular products and services, OFBank also offers special promotions and incentives to its clients. For instance, OFWs who open a new account can avail themselves of free life insurance coverage worth Php 100,000. Moreover, OFBank’s remittance services offer competitive exchange rates and lower fees compared to traditional remittance channels, making it an affordable and practical option for OFWs to send money to their loved ones back home.
- Branchless Banking: OFBank is the first official branchless bank that is government-regulated and guaranteed, providing customers with easy access to LANDBANK branches and ATM infrastructure for free.
- Online Banking and Account Opening: OFBank’s online banking and account opening feature allows for convenient and fast access to banking products from anywhere. However, OFBank operates fully online, which may not be suitable for customers who prefer in-person communication.
- Tailored Services: OFBank offers services tailored to the specific needs of Overseas Filipinos, including online access to accounts, fund transfers to debit cards without cost, mobile and internet banking, e-payment facility, cardless withdrawal, and 24/7 customer care service.
- Mobile App and DOBS AI: OFBank’s mobile app provides a simple and easy way to open an account online. The Digital Onboarding System with Artificial Intelligence (DOBS AI) employs image recognition technology, allowing customers to capture and upload their facial image and the front of their identification (ID) card for quick account verification.
Here’s a video tutorial on how to open an account with Overseas Filipino Bank (OFBank). OFBank is the country’s first branchless and digital-only government bank, designed specifically for overseas Filipinos (OFs), overseas Filipino workers (OFWs), and their beneficiaries.
With OFBank, opening a bank account has never been easier, no matter where you are in the world. In just five minutes, you can open your account using the OFBank Mobile App.
This tutorial will guide you step-by-step through the account opening process, so you can start enjoying faster remittances, bills payments, and other banking services around the world.
4. Tonik Bank of Singapore
Tonik Bank is a Singaporean digital bank that offers innovative financial products and services to its customers. The bank operates entirely online and provides a range of digital banking services, including savings accounts, time deposits, and loans. Tonik Bank prides itself on offering a seamless and hassle-free banking experience to its customers, making banking accessible and convenient for everyone.
One of the main benefits of banking with Tonik is its competitive interest rates, which are higher than those offered by traditional banks. The bank also has no minimum balance requirements or fees, making it an affordable option for those who want to save money. Additionally, Tonik offers fast and secure online transactions, 24/7 customer support, and easy-to-use mobile banking apps.
Tonik Bank also provides exclusive offers to its customers, such as referral bonuses and cashback rewards for using the bank’s services. The bank also regularly runs promotions and discounts on its products, giving customers even more reasons to bank with them. With Tonik Bank, customers can enjoy the convenience and benefits of digital banking without any of the traditional banking hassles.
- No Minimum Balance Requirement: Tonik account holders are not required to maintain a minimum balance in their accounts.
- No Fees: Tonik does not charge dormancy fees, minimum deposit fees, or account closure fees.
- Multiple Accounts: Tonik allows users to open up to five Solo and Group Stashes and up to five Time Deposit accounts.
- High Deposit Interest Rates: Tonik offers deposit interest rates of up to 6% per annum, which is higher than most traditional banks.
- Free Transfers: Tonik offers free transfers to other Tonik accounts and free transfers to other banks.
- Stash Savings: Tonik’s Stash feature acts as a separate savings pocket that users can save money in solo or by a group. It offers up to 4.5% interest per annum and can be customized with a photo and a target amount and date.
- Time Deposit Accounts: Tonik also offers Time Deposit accounts with up to 6% annual interest rates for amounts starting from PHP 5,000 to PHP 500,000 for 6 to 24 months.
- Virtual Debit Card: Upon onboarding, Tonik customers receive a virtual Mastercard debit card that can be used for various e-merchants for shopping, bill payment, and other online transactions. A physical debit card is expected to be released soon.
- No Withdrawal Penalties: Tonik allows users to withdraw their money anytime with no penalties or hidden charges, and even offers 1% interest on withdrawn funds.
In this quick video guide, we’ll show you how to onboard on the Tonik App in just a few easy steps. Tonik is a digital bank that offers high deposit interest rates, no minimum balance requirement, and no fees.
To start, download the Tonik App from the App Store or Google Play Store. Once installed, open the app and click on the “Sign Up” button to start the registration process.
Next, provide your basic information, such as your name, mobile number, and email address. After that, you’ll need to provide a valid government-issued ID, such as a passport or driver’s license. Simply take a clear photo of your ID and upload it through the app.
After your ID has been verified, Tonik will send you a confirmation message to your registered mobile number. Click on the link provided in the message to complete the registration process.
Finally, Tonik will issue you a virtual Mastercard debit card that you can use for online transactions. You can start exploring the app and its features, such as Stash savings and Time Deposit accounts.
That’s it! You’re now onboarded and ready to use Tonik for all your digital banking needs. If you have any questions or concerns, Tonik’s customer service team is available 24/7 to assist you.
5. UNObank of Singapore
UNObank is a digital bank based in Singapore that offers innovative financial solutions to help customers manage their finances easily and efficiently. UNObank offers a range of products and services, including savings accounts, personal loans, debit cards, and insurance, all accessible through their mobile app.
One of the biggest benefits of UNObank is its user-friendly interface, making banking transactions accessible and straightforward, even for those who are new to digital banking. UNObank also offers competitive interest rates on savings accounts and loans, making it a cost-effective choice for customers.
As a special offer, UNObank provides cashback rewards for transactions made through its debit card, allowing customers to earn back a percentage of their spending. Additionally, UNObank provides attractive referral bonuses for customers who invite their friends and family to join the digital bank. Overall, UNObank is a reliable and secure digital banking option that provides customers with a convenient and hassle-free banking experience.
- No physical branches or ATMs: The bank operates entirely online, which translates into lower operational costs and more convenience for customers.
- Mobile App: The bank provides a mobile app that enables customers to open an account, manage their finances, transfer money, pay bills, and access other services with ease.
- Competitive Interest Rates and Rewards: The bank offers competitive interest rates on savings accounts and fixed deposits. Additionally, customers can earn cashback rewards on debit card transactions and bill payments.
- Multi-Currency Support: The bank supports multiple currencies and enables customers to exchange money at favorable rates without any fees or hidden charges.
- Enhanced Security and Customer Service: The bank uses artificial intelligence and biometric authentication to enhance security and customer service. Customers can also lock or unlock their cards, set spending limits, and report fraud through the app.
- Partnerships: The bank partners with other fintech companies and platforms to offer additional benefits and features to its customers, such as insurance products, investment options, loans, and discounts.
This tutorial video will guide you step-by-step on how to register and create your account with UNOBank, the digital bank that offers easy and convenient banking services to its customers.
With UNOBank, you can open an account in just a few minutes using their mobile app and enjoy features like online fund transfers, bill payments, cashless transactions, and more.
Whether you are a first-time user or an existing customer who needs to create a new account, this video will show you how to get started and register with UNOBank.
6. UnionDigital of the Union Bank of the Philippines
UnionDigital is the digital banking arm of the Union Bank of the Philippines, one of the leading banks in the country. It offers a range of products and services that cater to the needs of modern consumers, including online account opening, mobile banking, and cashless transactions. With UnionDigital, customers can enjoy the convenience and accessibility of digital banking, allowing them to manage their finances anytime and anywhere.
One of the benefits of using UnionDigital is its user-friendly interface, making it easy to navigate even for those who are not tech-savvy. The digital bank also offers competitive rates and fees, allowing customers to save on transaction costs.
UnionDigital also offers special offers and promotions for its customers. For example, new users can enjoy exclusive discounts and cashback offers when they open an account and use UnionDigital’s services. The bank also offers special deals on e-commerce platforms and partner merchants, allowing customers to get more value for their money.
- Online Account Opening: With UnionDigital, you can open an account online in just a few minutes using only one valid ID and a selfie.
- UnionBank Online App and Website: Access your account through the UnionBank Online app or website, where you can perform various banking transactions such as checking your balance, transferring funds, paying bills, buying load, and more.
- Higher Interest Rates and No Monthly Fees: Enjoy higher interest rates and no monthly fees with your UnionDigital Savings Account, allowing you to save more money.
- Free Visa Debit Card: UnionDigital offers a free UnionBank Visa Debit Card that you can use to withdraw cash from any ATM nationwide or pay for purchases online or in-store.
- Additional Products and Services: You can also apply for other products and services such as loans, credit cards, investments, and insurance through UnionDigital, providing you with a wide range of financial options.
Frequently Asked Questions
1. What are BSP-licensed digital banks?
BSP-licensed digital banks are banks that are authorized by the Bangko Sentral ng Pilipinas (BSP) to offer financial products and services using digital channels.
2. What makes digital banks different from traditional banks?
Digital banks offer banking services entirely online, without the need for physical branches. This allows customers to perform transactions anytime and anywhere, with the use of their mobile phones or computers.
3. Who are the six BSP-licensed digital banks?
The six BSP-licensed digital banks are CIMB Bank Philippines, ING Bank, Komo, Overseas Filipino Bank, Tonik Digital Bank, and Union Digital Bank.
4. How can I open an account with a BSP-licensed digital bank?
Opening an account with a BSP-licensed digital bank is easy and convenient. You can do it entirely online, by visiting the bank’s website or downloading its mobile app and following the step-by-step process.
5. What types of products and services do digital banks offer?
Digital banks offer a wide range of financial products and services, including savings accounts, loans, credit cards, investment options, and insurance. They also offer various banking features such as bill payments, fund transfers, and online transactions.
6. Are digital banks safe?
Yes, digital banks are safe and secure. BSP-licensed digital banks are regulated by the BSP, which ensures that they comply with the highest standards of banking and security.
7. How can I deposit and withdraw money from a digital bank?
You can deposit and withdraw money from a digital bank using various channels such as online fund transfers, electronic payment options, and ATM withdrawals using a debit card.
8. Can I still talk to a real person in case I have concerns or questions?
Yes, most digital banks have customer support teams that are available 24/7 through various channels such as chat, email, or phone. You can also visit their websites or social media pages to get more information and assistance.
The emergence of BSP-licensed digital banks in the Philippines is a sign of the country’s increasing reliance on digital technology. With their convenient and innovative products and services, these banks are poised to revolutionize the banking industry and make financial transactions easier and more accessible for Filipinos. As technology continues to evolve, it’s important to keep an eye on these digital banks and stay informed about the latest trends and developments in the world of digital banking.