UNO Digital Bank Leads the Way to High Banking at Philippine FinTech Festival – Manila Bulletin

UNO Digital Bank Founder, Chairman and CEO Manish Bhai discusses the opportunities offered by digital technology to create a better financial system at the inaugural Philippine FinTech Festival (PFF) and World Fintech Festival-Philippines.

With over 41 million Filipinos still without formal bank accounts and lacking economic opportunities and financial security, neobanking appears to be the most practical solution. UNO Digital Bank showcased the digital-only banking platform that only works online without any physical location as a convenient financial service alternative during the recent Philippine FinTech Festival (PFF).

Manish Bhai, Founder, Chairman and CEO of UNO Digital Bank, said, “The opportunity for us to deliver better financial services is huge. But you should always keep in mind what the customer really wants. You should consider trying to solve their problems and weak points when creating a product.

Addressing the reluctance of many people to get a bank account from physical financial institutions, he said a digital bank can open the door for them as it has less documentary requirements and can do online banking in real time, this range from deposits, payments, to loan guarantees. What digital banks can offer is speed and ease of access to financial solutions.

UNO Digital Bank is one of six digital banks licensed by Bangko Sentral ng Pilipinas (BSP) and the first FinTech in the region to obtain an outright digital banking license.

It was launched at the inaugural Philippine FinTech Festival (PFF) and World Fintech Festival Philippines from October 18-21, 2022. Digital Pilipinas, the largest private sector movement for building a technology and innovation ecosystem, brings together both PFF and WFF-Philippines. aimed at bringing about technological acceleration in the country and building an anti-fragile system in its societal structures and industries.

The week-long event was organized in partnership with Elevandi, an organization founded by the Monetary Authority of Singapore (MAS) to foster public-private dialogue to advance FinTech in the digital economy.

The products available in the initial release of the UNO mobile app are:

  1. #UNOready High Rate Savings Account
  • A base interest rate of 3.50% gross per annum applies to accounts with an end-of-day free balance of less than PHP 5,000.00, while a tiered interest rate of 4.25 % gross per annum applies to accounts with an end of day available balance of PHP 5,000.00 and above. .
  • #UNOready Savings Account comes with FREE life insurance with PHP 50,000.00 coverage. This is automatically enabled with a minimum of 10,000 PHP ADB.
  • It also comes with a free UNO Virtual Debit Mastercard (it is automatically activated with a minimum deposit of Php 100) to provide an easy and convenient way to make purchases and manage banking transactions.
  1. Term Deposit #UNOboost
  • Earn a guaranteed interest of 6.5% while having the possibility to choose the desired term of 3, 4, 5, 6, 7, 8, 9, 10, 11 or 12 months.
  • You can open a #UNOboost account for a minimum of PHP 5,000 and deposit up to PHP 2,500,000 (or 5 tranches of PHP 500,000).
  1. Term Deposit #UNOearn
  • Add another stream of income to support your lifestyle with #UNOearn, a HIGH YIELD term deposit that provides a monthly payment.
  • Lock in a guaranteed interest rate of 6.5% for a longer period and enjoy an additional stream of income credited to your UNO savings account on a monthly basis. You can choose between terms of 12 or 24 months.
  • You can open a #UNOearn account for a minimum of PHP 5,000 and deposit up to PHP 2,500,000 (or 5 tranches of PHP 500,000).

All deposit products are insured up to Php 500,000 per depositor by PDIC.

Another innovation that can open up more financial access while increasing digital security is UNO Digital Bank’s Numberless Card. Developed in cooperation with Mastercard, its embedded chip contains all of the customer’s card information without any of the usual details being printed on the card. If the card is misplaced or lost, it cannot be used for fraudulent transactions because the card information is not available on the physical card. It is an innovation in payment security. With this added layer of protection, clients can focus on saving and growing their funds for the future.

With its public launch, UNO Digital Bank is now available to millions of Filipinos ready to provide its services. Its holistic approach means it provides a digital banking platform and trusted interface to meet all of its clients’ financial needs: save, borrow, transact, protect and invest.

UNO Digital Bank plans to expand its services in the future with loans, insurance and investment products.

Besides the innovative products mentioned earlier, you can also use the UNO mobile app to send and receive money (money is FREE at over 7,500 outlets across the country), pay bills, and scan to pay.

Other products under development are loans, insurance and investment products.

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