UNO Digital Bank aims to capture bankless in big cities

UNO Digital Bank seeks to capture underdeveloped and bankless individuals in the country’s largest cities as it prepares for its target second-quarter launch.

“Opportunity is in the big city itself fiFirst – NCR (in the National Capital Region), Davao – Giant, ”co-founder and CEO of UNO Digital Bank andffiManish Bhai said this at a media roundtable meeting held in Makati on Tuesday evening.

“First, you have to fix it and then expand. Today the situation is the same in many countries. I think people are getting comfortable with digital, even on small islands – everywhere, “he added.

The bank aims to start operations this quarter after finalizing regulatory issues with Bangko Sentral ng Pilipinas (BSP).

To help bridge the financial inclusion gap, UNO Digital Bank’s goal is to go beyond account creation because they ensure that credit will be more accessible to previously bankless and disadvantaged people, Mr. Brothers said, adding that currently only 10% of Filipinos have access to credit. From the bank

“I think in the mass market, we’re talking about credit [for the] underserved, underbanked, which again, is significant bucket. [There are] Mentioning different products, different age classifications, diffThe first scale of employment – some self-employed, some professionals – changes the level of income, “said Vivek Kumar, Head, UNO Digital Bank for Debt, Finance and Ecology.

Mr Kumar said the bank wanted to make loan applications “cheaper and faster”

“If they are eligible, there should be no reason for their loan application to take more than a few minutes,” he said.

In the meantime, Mr. Brothers said they would tap alternative credit data, including mobile behavior, social media, and online usage behavior on ride-hailing and food ordering platforms.

Amid rising cyber security risks, the bank said it was putting in place security measures to protect its potential clients from fraud and unauthorized transactions.

Chito Africa, head of technology at UNO Digital Bank, said they would use biometrics to ensure clients are safe, among others.

“If it’s out of (the transaction) [usual] Behavior, perhaps suspicious, [then] We will not allow push through transactions. We will give oneff“Erent monitoring to let us know if there are any people trying to get into our system who are not supposed to be there,” said Mr Africa.

Meanwhile, Mr. Bhai said their services will only be available through an app as it will not set up a web platform to prevent cyber security risks.

“We only have the app, we don’t have a web version because a lot of research has shown that the app is much more secure than a web interface,” he said.

“It also boils down to a lot of consumer education, which is our plan,” he added.

Supported by UNO Digital Bank Singapore-Headquarters DigibankASIA Pte. Ltd. It secured its digital banking license from BSP in June 2021.

Digital Bank andffThere is no need to set up er services and branches through online platforms.

The central bank hopes that these lenders will help it reach its goal of becoming part of the formality of 70% of Filipino adults. fiFinancial arrangements by 2023. – LWT Nobel