The local digital banking space is a battleground but in the middle of the rivalry to be No. 1, the six digital banks decided to establish their own association first, the Digital Banking Association of the Philippines (DBAP).
The digital banks want DBAP to be their launching pad to help them to go global.
The Bangko Sentral ng Pilipinas apparently agrees, and has endorsed the establishment of the group, according to bank officials.
For now, there are only six banks with digital banking license in the Philippines. Most of the digital banks started operations within the first six months of 2022.
The country's digital banks are: government-owned Overseas Filipino Bank Inc. of Land Bank of the Philippines; Tonik Digital Bank of Tonik Financial Pte Ltd. of Singapore; UNObank Inc. of Singapore; GoTyme Bank Corp. of the Gokongwei Group’s Robinsons Bank; Maya Bank of the PLDT Group; and UnionDigital Bank of Aboitiz-led Union Bank of the Philippines.