UnionDigital Bank leads the pack in digital banking, emerges as ‘Best Digital Bank in The Philippines’

UnionDigital Bank is named 'Best Digital Bank in The Philippines’ by TAB Global’s Global Excellence in Retail Finance Awards 2024

The digital bank subsidiary of Union Bank attributes the recognition to the exceptional growth it achieved in 2023, ending the year with a 65% market share in loans and 25% in deposits among digital banks 

Within the period, the bank's loan-to-deposit ratio surged from 58% at the end of 2022 to an impressive 69%, surpassing that of its digital banking counterparts in the country 

In a period defined by technological innovation and digital transformation, UnionDigital Bank, the digital bank subsidiary of Union Bank of the Philippines, emerged as a leader in digital banking as it secured the distinguished title of the ‘Best Digital Bank in The Philippines’. Honored by the esteemed Global Excellence in Retail Finance Awards 2024, an award-giving body in the industry led by TAB Global, this achievement underscores UnionDigital Bank's relentless pursuit of innovation and its dedication to providing cutting-edge digital banking solutions. 

Embracing Loud Budgeting as a Love Language this Valentine’s Day

This 2024, a new trend called 'loud budgeting' is gaining popularity, encouraging people to openly discuss their finances without feeling embarrassed. Contrary to the 'quiet luxury' trend of the past year, loud budgeting helps Filipinos be more honest about their financial situation, leading to greater empowerment in managing their money. This Valentine's Day, let's celebrate the love language of financial wellness. 

Regardless if it's Php 299 or 2,999 or 29,999, communication is key to financial wellness.

Last month, Filipino social media exploded with discussions about the ₱299 engagement ring. People were split on whether it was about self-worth or long-term financial plans, and both sides had valid points. There's no right or wrong answer here; it all depends on what matters most to you or your partner. But what can we take away from this in terms of financial wellness as a love language? It's about being honest about one’s money habits.

UnionDigital Bank named Best Digital-Only Bank at The Asian Banker Excellence in Retail Financial Services and Technology Innovation Philippines Awards 2023

L-R: Christian Kapfer, Research Director, The Asian Banker; Ron Puno, Chief Transformation and Technology Officer, UnionDigital Bank; and Wilson Chia, International Resource Director, The Asian Banker

UnionDigital Bank, the digital bank subsidiary of Union Bank of the Philippines, was recently awarded as the "Best Digital-Only Bank" at The Asian Banker Excellence in Retail Financial Services and Technology Innovation Philippines Awards 2023. The recognition was a testament to UnionDigital's exceptional performance, underpinned by its robust fintech capabilities, strong support from the Bangko Sentral ng Pilipinas (BSP), and extensive partnerships within its ultimate parent company Aboitiz Group's dynamic ecosystem.

UnionDigital Bank also won the Best Digital Lending Service Award from the The Digital Banker: World Digital Bank Awards 2023 last May.

UnionDigital Bank Wins Profitability Race in PH Digital Banking

UnionDigital recorded a triple-digit percentage growth in the first half of 2023 vs. the second half of 2022.

UnionDigital posted PHP 20 billion in deposits, PHP 13 billion in loans in the first half of 2023, up by 113% and 126%, respectively.

As of May 2023, UnionDigital has seized 75% of the market share for loans among the six BSP-licensed digital banks.

UnionDigital recently won “Best Digital-Only Bank” in The Asian Banker Awards 2023 and is one of the only two digital banks from the Philippines listed in the Global Top 100 Digital-Only Bank Ranking 2023

UnionDigital Bank, the digital bank subsidiary of Union Bank of the Philippines, is one of the fastest digital banks in the world to achieve profitability. It attained a triple-digit percentage growth in its net income during the first half of 2023 compared to the second half of 2022. The Aboitiz Group-led digital bank, which recently marked its first-year milestone in July, attributed this to the robust loan portfolio growth via the UnionBank ecosystem.

UnionDigital Bank Poised to Accelerate Growth in Digital Loans with P 900-M Capital Approval from UnionBank

UnionDigital Bank (UD) secured a capital infusion approval of up to P900 million from its parent bank, Union Bank of the Philippines. This latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app.

This capital boost will enable UD to expand its digital loan offerings via its app and APIs, providing customers with faster access to credit and a seamless loan application process. The capital infusion is still subject to Bangko Sentral ng Pilipinas (BSP) regulatory approval. 

UnionDigital Bank and Metro Pacific Investment Corporation’s Digital Healthcare Arm, mWell, Join Forces to Drive Health and Financial Wellness

UnionDigital Bank (UD), the digital bank subsidiary of Union Bank of the Philippines, recently announced its partnership with the country’s first fully integrated and fully digital health and wellness platform, mWell. The collaboration comes as part of UD’s efforts to make financial services more accessible to Filipinos. 

UnionDigital Bank will provide mWell’s patients with a holistic health and financial wellness experience by integrating its banking services into mWell’s app. Being the number one digital lender in the Philippines, UD is committed to providing innovative solutions to enable more individuals and businesses to obtain the financial resources they need to achieve their goals. 

mWell, on the other hand, aims to bring healthcare to more Filipinos here and abroad through its fully integrated, sustainable, and future-proof digital platform. It provides a seamless end-to-end journey for its patients – from booking a video consultation to having their medicines delivered to their doorsteps. As part of the MPIC group, it is committed to working towards the achievement of the United Nation’s Sustainable Development Goals, particularly SDG 3: Good Health and Well-being.

Recently, mWell was recognized at the highly-coveted 2023 Global Mobile Awards at the Mobile World Congress in Barcelona Spain. They bagged the award for Best Mobile Innovation for Digital Life, Digital Everything Category. 

Having the same objective of using innovation in providing ease and improving access to wellness for its customers, mWell and UnionDigital Bank will strive to make healthcare services more affordable by offering digital banking products, such as medical emergency loans and flexible payment terms, integrated within the mWell app.

“Joining forces with UnionDigital Bank is a major step towards improving the overall healthcare experience of our customers. It will bring a new level of convenience and support, enhancing our ability to deliver on our mission of empowering people to live their healthiest lives,” said Chaye Cabal-Revilla, President and CEO, mWell; Chief Finance, Risk, and Sustainability Officer, MPIC.

By working together, UnionDigital Bank and mWell can create a more efficient and effective digital experience that prioritizes the needs of its customers from health to finances.

“Combining our expertise in digital banking and healthcare innovation, our partnership with mWell will enable us to offer cutting-edge solutions and seamlessly integrate our services into their app, making it easier for their customers to manage the financial aspects of their healthcare journey,” said Henry R. Aguda, President and CEO, UnionDigital Bank. “Together, we are committed to empowering mWell users to have greater control over their health, allowing them to focus on what truly matters – their health and well-being.” 

This is a milestone for both UnionDigital Bank and mWell as they mark a major step forward in driving financial inclusion and improving the overall healthcare experience of its customers. 

UnionDigital Bank Forged a Strategic Partnership with the Aboitiz Group to Further Drive Financial Inclusion

UnionDigital Bank, the fully digital bank subsidiary of UnionBank of the Philippines, has signed a strategic partnership resolution with fourteen (14) other subsidiaries of the Aboitiz Group. This partnership will allow the digital bank to tap into the Group’s ecosystem to provide banking and financial services to their customers. 

With this partnership, UnionDigital Bank will leverage on the Group’s network to develop and deploy streamlined risk models, enable efficient underwriting, and loan approval process. This way, the digital bank will be able to offer better credit products to the underserved segments of the group. 

UnionDigital Bank Opens its Future Headquarters During the Country’s First Innovation Festival in San Pedro, Laguna

Last September 9, 2022, UnionDigital Bank formally inaugurated its future headquarters in the UnionBank Innovation Campus in San Pedro, Laguna with the President of the Philippines, Mr. Ferdinand Romualdez Marcos Jr., in attendance. 

In addition to serving as the future main office of UnionDigital Bank, the Innovation Campus will also house various centers of innovation including UnionBank institutes on Data Science and Artificial Intelligence, Blockchain, and the Asian Institute of Digital Transformation (AIDT). 

The campus was inaugurated during the country’s first Innovation Festival, a three-day event that showcased UnionBank’s and UnionDigital Bank’s partners in financial technology innovation, offering a behind the scenes look at some of the bank’s exciting new developments in the space. 

Nexplay and UnionDigital Bank announce exclusive partnership to empower PH gaming community

Leading Southeast Asian esports and video game content ecosystem Nexplay and UnionDigital Bank, the digital bank entity of UnionBank, have signed an exclusive partnership that aims to offer more convenient digital financial services for Filipino gamers.

“UnionDigital Bank is driven to further empower the Philippines’ digital economy. Our partnership with Nexplay allows us to offer our financial services to today’s Filipino gamers, enabling them more by giving access to a digital bank account. We are looking forward to this collaboration with Nexplay to propel our higher purpose - Tech-ing Up today’s generation of Filipinos, especially gamers,” said Arvie De Vera, Co-founder and CEO of UnionDigital Bank.

UnionDigital Bank partners with Yield Guild Games to Cater to the Philippines’ Largest Play-to-Earn Community

(L-R) Maria Gaitanidou, Chief Launch Officer, UnionDigital Bank; Arvie de Vera, Co-founder and Chief Executive Officer, UnionDigital Bank; Gabby Dizon, Co-founder, YGG; Luis Buenaventura; Country Manager, YGG; Kat Gonzalez; Head of Operations, YGG

UnionDigital Bank, the digital bank entity of the Union bank of the Philippines, has officially formalized its partnership with global play-to-earn guild Yield Guild Games (YGG) during its first-ever Managers’ Summit held last March 3-5, 2002, at Conrad Manila in Pasay City.