Top Digital Bank In The Philippines

Digital banking in the Philippines is growing rapidly and is fueled by several important factors. Filipinos are embracing digital banking at an unprecedented rate, with 25.2% of bank accounts now being digital and 20.1% of adults using electronic payments as of 2020. Regulators are issuing digital banking licenses and setting up real-time payment systems along with standardized QR networks. Top digital banks in the Philippines, like GCash and Maya, are gaining popularity, while traditional banks are upgrading their operations to provide online services and integrate with digital wallets.

The convenience, security, and cost savings of digital banking are drawing in more users. In 2023, digital payment transactions made up 52.8% of total monthly retail payments, a rise from 42.1% in 2022. Active users on digital banking platforms increased by 45% in the past year. The best digital bank in the Philippines focuses on user-friendly services and competitive fees. In contrast, the safest digital bank in the Philippines offers robust security features, ensuring peace of mind for customers. The future of banking in the Philippines is clearly moving toward a digital-first model, with an expanding list of digital banks offering a range of innovative services.

Here is the list of top digital bank in the Philippines that are transforming the user experience.

CIMB Bank PH

• Founded in: 2018

CIMB Bank Philippines is leading the digital banking evolution in the Philippines. Within four years, the bank has established itself as an industry leader in digital banking. CIMB Bank has received 113 awards from various local and international organisations, such as The Asian Banker and Global Banking and Finance Review. CIMB Bank Philippines is a member of the CIMB Group which is one of the ASEAN’s top banks and is regulated by the Bangko Sentral ng Pilipinas as a commercial bank. CIMB offers innovative digital banking services in partnership with GCash, including high-interest savings accounts like GSave and MaxSave Next Gen Time Deposit, which provide attractive interest rates and user-friendly features.

UNO Digital Bank 

UNO Digital Bank is Southeast Asia’s first full-spectrum digital bank. It offers a wide range of services to meet the different financial needs of its users. UNO Digital Bank is an innovative institution that aims to redefine banking in the Philippines by using advanced technology and a customer-focused approach. UNO Digital Bank provides an AI-powered onboarding process for users that streamlines account creation and authentication.

Users can easily transfer funds, pay bills, and manage their finances online via UNO Digital Bank. UNO also provides flexible savings options, personal loans, and investment opportunities to empower customers to achieve their financial goals. UNO Digital Bank is licensed under the Bangko Sentral ng Pilipinas. UNO partners with GCash to enhance its services.

UNO Digital Bank Review Philippines

UNO Digital Bank in the Philippines offers a seamless banking experience with its user-friendly app and innovative digital services. With low fees, high security, and easy access to savings accounts, loans, and payments, it’s a top choice for modern banking. UNO’s commitment to financial inclusion and customer satisfaction makes it a standout, especially for those looking for convenient and reliable digital banking solutions.

Tonik

• Founded in: 2021

Tonik is a revolutionary digital bank set that is set to transform the way money works in Southeast Asia. Targeting the US$140 billion retail deposit and US$100 billion unsecured lending markets in the Philippines, Tonik aims to serve both existing customers and the 70% of Filipinos who are unbanked. The goal is to provide a simple, user-friendly, digital-only banking experience that helps people save, all with just a click. With the Philippines’ strong digital presence, Tonik believes the country is primed to lead in digital banking.

Tonik offers a variety of retail financial products, including savings accounts, loans, payments, and cards, all through a secure digital platform. Innovation is at the heart of Tonik, where customer satisfaction comes first. The company challenges traditional banking norms and is passionate about enhancing people’s financial lives through technology.

As the first neobank in the Philippines with a digital bank license from the Bangko Sentral ng Pilipinas (BSP), Tonik ensures PDIC insures deposits up to P500,000 per depositor.

Tonik Digital Bank review:-

Tonik Bank offers a seamless, user-friendly digital banking experience in the Philippines. With innovative features like secure savings accounts, loans, and payments, it’s a game-changer for the unbanked population. The app is easy to navigate, and customer service is excellent, making it a top choice for modern banking.

own bank

• Founded – 1956

“Own Bank” in the Philippines refers to new digital banks or financial platforms created by individuals or startups. These banks focus on providing convenient, affordable, and accessible banking services through technology, such as mobile apps and digital wallets.

They are especially popular with people who want a fully online banking experience, offering low-cost transactions, easy access, and services for those without traditional bank accounts. As digital banking grows in the Philippines, these platforms continue to evolve and meet the needs of a tech-savvy population.

own bank review:- 

After conducting our research and analyzing user reviews on platforms like Reddit, we found that the bank has received limited positive feedback. Many users have expressed concerns about both risk factors and trust issues in their reviews. These two elements are critical considerations for customers when evaluating the bank’s services. The recurring themes in the feedback highlight the importance of transparency, reliability, and risk management in building customer confidence

UnionDigital (UBEH Bank)

• Founded in: 2021

UnionDigital Bank is a fully digital bank. Union Bank of the Philippines and major tech companies like Tencent and Explore partnered to launch UnionDigital Bank. The digital bank merges Union Bank’s financial expertise with cutting-edge technology to provide users with a seamless digital banking experience. UnionDigital Bank works under a digital banking license issued by the Bangko Sentral ng Pilipinas. UnionDigital Bank aims to meet the needs of Filipinos, who are looking for a mobile-centric banking solution.

UnionDigital Bank features a simple account opening process that allows users to open digital accounts quickly. It provides convenient cash transactions through various channels, which include partner ATM networks and online bank transfers. UnionDigital Bank implements multi-factor authentication and data encryption to prioritise the security of the users. With competitive interest rates and a rewards program, UnionDigital Bank offers a reliable and rewarding banking choice for modern customers in the Philippines.

RCBC DiskarTech

DiskarTech is the first financial super app in the Philippines that offers services in the Taglish language of the Philippines. It is a product of Rizal Commercial Banking Corporation (RCBC). This all-in-one mobile app simplifies banking for users by allowing them to pay bills send money and load easily. Users can also open savings accounts apply for loans and obtain insurance with the help of the DiskarTech app.

DiskarTech provides necessary digital financial services such as bill payment e-loading and free fund transfers via Instapay and PESONet. This app aims to enhance financial inclusion for users with a multilingual experience.

The app offers interest rates of 6.5% per annum for both Full Basic Deposit Accounts and Community Basic Deposit Accounts. Additionally, DiskarTech provides unlimited in-app medical consultations and cashback rewards to users for shopping via partner platforms like Shopee Lazada and Zalora.

GoTyme

GoTyme Bank provides digital banking services in the Philippines. It stands out in the Philippine digital banking landscape by adding a human touch to its services. GoTyme prioritises personalised customer interactions while delivering efficient digital solutions to users. Unlike fully automated neobanks, GoTyme’s unique approach enhances the banking experience for users. GoTyme provides both virtual and physical debit cards to improve convenience for users, which allows users to shop online or make in-store purchases.

GoTyme Bank provides a wide range of services to users to meet their various financial needs. By using GoTyme Bank services, users can easily build savings with user-friendly accounts and manage transactions seamlessly through bill payments and fund transfers. GoTyme offers flexible loan options for personal and business credit needs.

SeaBank

SeaBank Philippines is a rural bank of the Philippines. It provides a mobile banking app, which allows users to manage their finances easily from anywhere and anytime, directly from their phones. Through SeaBank’s app users can send and receive money to and from both SeaBank and non-SeaBank users while earning competitive interest rates without any extra fees or minimum balance requirements.

SeaBank operates under Sea Limited a global consumer internet company based in Singapore alongside its main businesses in digital entertainment e-commerce and financial services. The savings account offers an interest rate of 4.5% per annum.SeaBank’s notable features include no maintaining balance requirement, daily interest crediting referral bonuses of up to ₱1,000 monthly and up to 15 free InstaPay and PESONet transfers each week.

GoTyme vs SeaBank

UNO Digital Bank

UNO Digital Bank is Southeast Asia’s first full-spectrum digital bank. It offers a wide range of services for different financial needs of their users. UNO Digital Bank is an innovative institution that aims to redefine banking in the Philippines by using advanced technology and a customer-focused approach. UNO Digital Bank provides an AI-powered onboarding process for users, that streamlines account creation and authentication.

Users can easily transfer funds, pay bills, and manage their finances online via UNO Digital Bank. UNO also provides flexible savings options, personal loans and investment opportunities to empower customers to achieve their financial goals. UNO Digital Bank is licensed under the Bangko Sentral ng Pilipinas. UNO partners with GCash to enhance its services.

Conclusion

Digital banking in the Philippines is changing the way people manage their finances. Online banking platforms are offering services that were previously limited to only physical branches. Mobile banking platforms enhance convenience for users by giving users access to banking services anytime and anywhere.

Transaction speeds in the Philippines have greatly improved since the launch of digital banking platforms, as it allow users to make instant fund transfers and bill payments without long waiting lines. This efficiency is making mobile banking a preferred choice for many Filipinos.

Digital banking platforms provide multiple banking features on a single platform, through which users can easily keep track of their accounts and handle their finances. Apart from convenience, digital banking also promotes environmentally friendly practices by reducing reliance on paper transactions. Customers can help reduce the banking sector’s carbon footprint by choosing electronic statements and online records. This shift aligns with the growing awareness of environmental issues, making digital banking not only a practical option but also a responsible one.