UNO Digital Bank pushes trust-based growth for Filipinos

Insider Spotlight

• Digital bank deposits hit P100B as of March 2025, BSP says.
• Nearly 7 in 10 Filipinos still rely on cash despite fintech growth.
• UNO Digital Bank says it competes on trust, not marketing flash.
• 15 percent of UNO’s borrowers are first-time loan takers.
• Over 4 million Filipinos now bank with UNO, many for the first time.

Digital banking in the Philippines has expanded rapidly, with deposits across the country’s six licensed digital banks exceeding P100 billion as of March 2025 — a 33 percent year-on-year rise, according to Bangko Sentral ng Pilipinas.

Yet, despite this growth, cash remains king for most Filipinos, underscoring a gap between access and confidence in financial services.

Why it matters

Trust has emerged as the biggest challenge in the country’s financial inclusion drive. Only about half of Filipino adults held a formal financial account in 2024, World Bank and BSP data show. Many are navigating multiple loan platforms and digital wallets, often without full visibility or protection — a problem that UNO Digital Bank says it aims to fix.

Manish Bhai

The UNO chief sees big growth potential for new digital banks in the country as many Filipinos are still financially underserved.

Driving the point home

“For a digital-first bank, this is not optional—it is the foundation of financial progress itself,” the company said in its latest statement on Tuesday, Oct. 28, 2025.

UNO co-founder and CEO Manish Bhai added, “We don’t want to compete on flash. We want to compete on trust.”

How UNO positions itself

UNO Digital Bank leverages data and behavioral scoring to underwrite borrowers with limited credit histories. It also integrates financial education and AI-driven literacy tools into its digital platform — what it calls “Wealth-in-Progress.”

The model emphasizes empowerment over mere access, guiding users rather than overwhelming them with product choices.

By the numbers

• Over 4 million customers now use UNO’s platform.
• Around 15 percent of users opened their first-ever bank account with UNO.
• Another 15 percent of borrowers took their first formal loan, with P5 billion in total loans released.
• More than 50,000 depositors have received free insurance coverage.

The bottom line

UNO’s “2.0” phase focuses on scaling up through AI-assisted savings tools, personalized credit offers, and a unified customer experience. As Filipinos demand more secure and transparent financial relationships, UNO bets that trust — not flashy features — will define the next stage of digital banking growth.

— Edited by Daxim L. Lucas