Digital banking has revolutionized the financial landscape in the Philippines, providing Filipinos with unprecedented convenience and accessibility in managing their finances. With digital banking, people now have the option to conduct transactions or access financial services right from their smartphones. They don’t have to stand in long queues at brick-and-mortar banks to open accounts, transfer money, pay bills, or even apply for loans. This paradigm shift saves them time and empowers them to take control of their finances with greater ease and efficiency. Additionally, the increasing reliance on technology has led to a more inclusive banking environment. It allowed those in remote areas to access financial services that were previously unavailable.
In this rapidly evolving landscape, the Bangko Sentral ng Pilipinas (BSP) plays a crucial role by licensing digital banks to ensure they adhere to regulatory standards and provide secure financial services. Since the central bank started granting licenses for digital banks in December 2020, there now are six licensed BSP digital banks in the Philippines that stand out for their innovation, security, and diverse offerings. Maya is just one that has a BSP digital bank license, and it has quickly gained popularity among users for its versatile features and user-friendly interface. Other digital banks include the Overseas Filipino Bank, GoTyme Bank, UNO Digital Bank, UnionDigital Bank, and Tonik Digital Bank.
In this article, you’ll learn more about Maya and these five other BSP-licensed digital banks and what makes their products and offerings unique.
Maya
Maya Bank has emerged as a versatile player in the digital banking landscape, offering a range of products and services that cater to the modern consumer. With a base interest rate of 3.5% p.a. on our Maya Savings digital bank account product, Maya provides an attractive option for those looking to grow their money, since this interest rate can be boosted all the way up to a whopping 15% interest p.a.* All they need to do is to use Maya products and services like Maya Card, Maya Easy Credit, and Pay with Maya online to pay for daily transactions such as buying mobile prepaid load, shopping online, paying bills, and investing in Maya stocks. Most of these transactions can be completed within the Maya Wallet, which is accessible on the same Maya app but is separate from your savings accounts.
Maya customers also get access to other innovative savings products that enhance their saving opportunities. For example, you can save up for your financial goals more efficiently with Maya Personal Goals. This feature lets you create and personalize up to five different goal accounts and set aside money for up to 6 months. Whether you’re saving up for a well-deserved getaway, a new gadget, or concert tickets for your favorite musical acts, you can do it through Maya Personal Goals. The best thing about this is you can earn 4% interest p.a. for deposits up to PHP 1 million.
Maya also offers Maya Time Deposit Plus, which allows users to earn higher interest rates by locking in their funds for a specific period. Maya Time Deposit Plus offers competitive interest rates of 5.25% for a 3-month term, 5.75% for a 6-month term, and 5.5% for a 12-month term, providing users with high returns simply for keeping their money.
Overseas Filipino Bank (OF Bank)
The Overseas Filipino Bank (OFBank) is a digital bank operated as a subsidiary of the Land Bank of the Philippines, which is a state-owned financial institution. It is the first branchless digital-only bank in the Philippines that is specifically tailored to serve the needs of Overseas Filipino Workers (OFWs) and their families.
OFBank's remittance services make it easier for OFWs to send money back to their families in the Philippines, helping them to potentially save on transfer fees. The bank’s integration with the Land Bank of the Philippines also means that users can take advantage of the bank’s partners for withdrawals and deposits. Moreover, OFBank’s bills payment feature allows OFWs to pay for utilities and other services back home directly through the app, even if the user is still overseas.
GoTyme Bank
GoTyme Bank is a digital bank born from a strategic partnership between the Gokongwei Group, which includes Robinsons Retail Holdings, Inc. and Robinsons Land Corporation, and Tyme, a South African digital banking group known for its successful ventures in other markets. The collaboration brings together the Gokongwei Group’s knowledge of the local market and Tyme’s experience in digital banking.
UNO Digital Bank
UNO Digital Bank is a fully digital bank operated by UNObank Inc., a fintech company that is part of the Singapore-based venture capital firm DigibankASIA. The bank aims to deliver a personalized banking experience by leveraging its digital-first approach to attract and retain customers.
UnionDigital Bank
UnionDigital Bank is the digital banking arm of UnionBank of the Philippines, one of the country’s most well-known universal banks. It was created to extend UnionBank’s digital reach and offer a fully online banking experience to users, aligning with the bank’s mission to serve the growing demand for digital financial solutions.
Tonik Digital Bank
Tonik Digital Bank is the first neobank in Southeast Asia to secure a digital banking license from the BSP, and it operates in the Philippines through Tonik Financial Pte Ltd, a Singapore-based company. The bank’s vision is to provide Filipinos with digital banking services that address the challenges of traditional banking systems.
It’s important to note that there are several other financial institutions offering digital banking services that are not included in this list. The likes of SeaBank, OwnBank, Komo by EastWest, and DiskarTech by RCBC, to name a few, may hold a different type of banking license from the BSP. While they offer similar digital banking services, their licensing status differentiates them from those officially classified as digital banks by the BSP.
Digital banking has reshaped the way Filipinos manage their finances, offering convenience, competitive interest rates, and other unique products that users may not find in traditional banks. Understanding these distinctions can help customers make informed choices when selecting the digital banking services that best suit their needs.
*15% p.a. daily interest applies to your first P100,000 deposit balance
