Union Bank of Philippines to Launch Fourth Virtual Bank

The Union Bank of the Philippines, which is part of a conglomerate that is led by Aboitiz Equity Ventures, will be launching the fourth all-digital banking platform in the Southeast Asian country.

The UnionBank’s virtual bank application has reportedly been approved by the Bangko Sentral ng Pilipinas (BSP), the nation’s central bank. The approval was granted on July 15, 2021, the bank confirmed in a recent stock exchange disclosure.

The disclosure revealed that UnionBank will establish a digital bank called the Union Digital Bank or UnionDigital – which will operate as a wholly-owned subsidiary.

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