UNO Digital Bank Shows Ways to High Banking Services at Philippine FinTech Festival – Manila Bulletin

With more than 41 million Filipinos still without formal bank accounts and missing out on financial opportunities and financial security, neobanking emerges as the most practical solution. UNO Digital Bank presented the online-only digital banking platform with no physical location as a convenient option for financial services at the recent inaugural Philippine FinTech Festival (PFF).

Manish Bhai, Founder, President and CEO of UNO Digital Bank said, “The opportunity for us to create better financial services is huge. But you always have to keep in mind what the customer really wants. You should look at trying to solve their problems and pain points in creating a product.”

Addressing many people’s reluctance to get a bank account from brick-and-mortar financial institutions, he said a digital bank can open the door for them because it has less documentary requirements and can do online banking in real time, that area. from deposits, payments, to securing loans. What digital banks can offer is speed and easy access to financial solutions.

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

It was launched during the first Philippine FinTech Festival (PFF) and World Fintech Festival Philippines 18-21. October 2022. Both PFF and WFF-Philippines are coming together with Digital Pilipinas, the largest private sector movement to create a technology and innovation ecosystem 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 held in partnership with Elevandi, an organization founded by the Monetary Authority of Singapore (MAS) to promote dialogue between the public and private sectors to advance FinTech in the digital economy.

The products available in the first version of the UNO mobile app are the following:

1. #UNOready HIGH RATE savings account

• A base rate of 3.50% gross per annum applies to accounts with an available end-of-day balance below PHP 5,000.00, while a step-up rate of 4.25% gross per annum applies to accounts with an available end-of-day 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 activated with a minimum of PHP 10,000 ADB.
• It also comes with a free UNO Virtual Debit Mastercard (this is automatically activated with a minimum deposit of Php 100) to offer an easy and convenient way to make purchases and manage banking transactions.

2. #UNOboost Time deposit

• Earn a guaranteed interest rate of 6.5% while having the flexibility 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).

3. #UNOearn Time Deposit

• Add another source of income to support your lifestyle with #UNOearn, a HIGH YIELD Time Deposit that pays monthly.
• Lock in a guaranteed interest rate of 6.5% for an extended period and enjoy an additional income stream 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 Php500,000 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 collaboration with Mastercard, the embedded chip contains all 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. This is an innovation in payment security. With this extra layer of protection, customers can focus on saving and growing their money for the future.

With its public launch, UNO Digital Bank is now available to millions of Filipinos, ready to offer its services. Its full-spectrum approach means it offers a digital banking platform and a reliable interface to meet all of its customers’ financial needs: save, borrow, trade, protect and invest.

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

Apart from the innovative products mentioned earlier, you can also use the UNO mobile app to send and receive money (deposit is FREE in over 7,500 outlets nationwide), pay bills and scan to pay.

Other products in the pipeline are loans, insurance and investment products.