Digital banking in the Philippines is growing rapidly, 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. Fintech companies 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 Philippines. In 2023, digital payment transactions made up 52.8% of total monthly retail payments, a rise from 42.1% in 2022. Moreover, active users on digital banking platforms increased by 45% in the past year. The future of banking in the Philippines is clearly moving toward a digital-first model.
Here is the list of top digital bank in the Philippines that are transforming the user experience.
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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.
Tonik
- Founded in: 2021
Tonik Digital Bank, aka Tonik was the first all-digital bank or neobank in Southeast Asia. Tonik is an innovative bank that aims to transform the banking experience for users. It provides a fully digital platform that is designed for the financial needs of Filipinos. Tonik quickly gained recognition for its user-friendly services and competitive interest rates.
Tonik key features include the Solo Stash which offers a 4% annual interest rate, which allows users to save efficiently. The Group Stash enables groups to save together for shared goals. Tonik also offers instant virtual and physical debit cards for convenient transactions for users. Additionally the Time Deposit feature of Tonik provides a 6% annual interest rate for users who are wanting to secure their funds. With no minimum deposit requirements and a range of saving options Tonik is an attractive option for both savers and investors.
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.
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 are enhancing convenience for users, they are 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 allows 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 is also promoting 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.
