Credit-led UNObank Inc., a digital bank licensed under the Digital Banking License framework of the Bangko Sentral ng Pilipinas, has rebranded to UNO Digital Bank ahead of its aimed launch at the second quarter of 2022.
The Bangko Sentral ng Pilipinas granted six licenses in 2021 before closing its window for applications until 2023. Aside from UNO Digital Bank, the central bank also granted digital banking licenses to Landbank’s Overseas Filipino Bank (OF Bank), Singapore-based Tonik Bank, UnionBank’s Union Digital, Gokongwei Group’s GOTyme, and PayMaya’s Maya Bank. Malaysia-based Commerce International Merchant Bankers Berhad (CIMB) and the Netherland’s-based Internationale Nederlanden Groep (ING) already have existing services in the Philippines.
In relation to this, credit rating agency Moody’s said the unbanked or the “uncontested market” helps digital banks appear preferable to non-traditional bank licensing applicants such as technology companies and non-financial conglomerates. Some of the unbanked and underserved potential customers are “freelancers and proprietors” offering products and services on the e-commerce market.
“Incumbent banks traditionally avoid these segments because they cannot provide verifiable salary income. However, digital banks can overcome that hurdle by drawing on a broader set of behavioral and transaction data via their affiliated platforms to assess the creditworthiness of these potential borrowers,” according to the Moody’s report.
For its part, UNO Digital Bank is a full-spectrum credit-led digital bank that elevates our customers by making banking simple, better, and accessible. They offer one trusted interface to meet anyone’s full financial needs for life, with speed and ease. The new name reiterates the digital nature of the bank’s business. Together with the name change comes a new visual identity for the brand, inclusive of logo, refreshed color palette, as well as icons.
The primary color palette of the UNO Digital Bank logo represents four aspects of financial needs: Manage Money (Capri), Grow Money (French Violet), Leverage Money (Steel Pink), and Secure Money (Goldenrod). UNO Digital Bank’s icons represent these four aspects of financial needs.
“We are a credit-led digital bank that is pioneering an elevated approach to banking: one that makes meeting life’s financial needs simple and accessible for the customer, while also fueling growth and innovation in the industry. These are the attributes that we have mirrored in the new brand,” UNObank Chief Executive Officer Manish Bhai said.
“We are not content with functioning on the status quo. Instead, our work is innovation-led and growth-focused, committed to always being numero uno when it comes to meeting needs and adding value to our stakeholders,” he added.
To recall, Manish Bhai is also the co-founder of the Singapore-based financial technology company UNOAsia Pte. Ltd., one of the primary incorporators of UNObank Inc.
Visit UNO Digital Bank’s website to learn more about what they offer.
