In comparison to the second half of previous year, UnionDigital Bank’s net income has increased by a triple-digit percentage in the first half of 2023.
Henry Aguda, President and CEO of UnionDigital Bank said “We are grateful to be one of the six Philippine digital banks that are committed to making a difference in the lives of all Filipinos by empowering them to pursue their aspirations. The commitment and hard work of our Ka-UBEHs in UnionDigital and UnionBank have pushed us to become one of the fastest digital banks in the world to achieve profitability,” he added, “This milestone is not just UnionDigital’s win, but a collective victory that should be celebrated by the entire Digital Banking Association of the Philippines (DBAP) family as it affirms the world class innovation of the Philippine digital banking industry. Philippine banking is ready for the global stage.”
The establishment of DBAP, a project aimed at solving the urgent needs essential for the growth and success of digital banks in the Philippines, has also received the support of the Bangko Sentral ng Pilipinas (BSP).
Henry Aguda stated, ”As we emerge as the fastest to profit digital bank in the Philippines, the endorsement of the DBAP by the BSP is testament to the strong support of our regulator to the future of this industry. This initiative not only reflects our commitment to innovation but also reaffirms the BSP’s dedication to the growth and prosperity of PH digital banks. Together, we’re shaping a dynamic future for the industry.”
Deposits at the digital bank has increased by 113%, totaling PHP 20 billion, or 32% of the market share among digital banks. Its loan portfolio has also increased by 126%, reaching PHP 13 billion. The bank disclosed that as of May 2023, it had a 75% of the market share for loans in the digital banking sector.
Due to UnionDigital’s impressive performance, the company won the “Best Digital-Only Bank” at The Asian Banker Excellence in Retail Financial Services and Technology Innovation Philippines Awards 2023. TABInsights also ranked UnionDigital Bank as number 58 in the Global Top 100 Digital-Only Bank Ranking 2023.
Aguda shared, “Receiving this honor from The Asian Banker is a privilege we hold in high regard. This award is not solely ours to claim; we extend this to our fellow digital bank counterparts, our parent, UnionBank, and the BSP, all united by a common objective – uplifting the lives of Filipinos through financial inclusion,” he added, “This recognition reflects our joint dedication and commitment to reshape the financial landscape for the better. It underscores the importance of working together and pursuing common goals to drive our nation’s progress and prosperity.”
Mike Singh, Chief Commercial and Revenue Officer said, “We have built a strong pipeline of partnerships and are also scaling up our retail app to help us diversify our deposit base,”
He added “Our focus remains on giving access to essential financial services to the underserved such as micro, small, and medium enterprises (MSMEs), and overseas Filipino workers (OFWs) through upcoming products in our app.”
To launch its embedded banking services, UnionDigital Bank has recently inked collaborations with numerous major organizations in numerous industries.
For more information regarding UnionDigital Bank, visit this link.