UnionDigital Bank Takes the Lead in Digital Banking, Named ‘Best Digital Bank in the Philippines’

• UnionDigital Bank is named ‘Best Digital Bank in The Philippines’ by TAB Global’s Global Excellence in Retail Finance Awards 2024
• The digital bank subsidiary of Union Bank attributes the recognition to the exceptional growth it achieved in 2023, ending the year with a 65% market share in loans and 25% in deposits among digital banks
• Within the period, the bank’s loan-to-deposit ratio surged from 58% at the end of 2022 to an impressive 69%, surpassing that of its digital banking counterparts in the country

In an era defined by technological advancement and digital evolution, UnionDigital Bank, the digital banking arm of Union Bank of the Philippines, has emerged as a frontrunner in the digital banking landscape, clinching the prestigious title of ‘Best Digital Bank in The Philippines‘. Recognized by the esteemed Global Excellence in Retail Finance Awards 2024, under the stewardship of TAB Global, this accolade underscores UnionDigital Bank’s unwavering commitment to innovation and its steadfast dedication to offering state-of-the-art digital banking solutions.

In 2023, UnionDigital Bank witnessed an impressive surge in its financial performance, witnessing a substantial increase in both deposits and loans, surpassing its previous achievements. By December 2023, the bank had captured an impressive 65% market share in loan portfolio size and ranked second among digital banks in deposits, boasting a commendable 25% share. Notably, the bank’s loan-to-deposit ratio soared from 58% at the close of 2022 to an impressive 69%, outpacing its digital banking counterparts in the country.

This period marked a significant milestone as UnionDigital Bank achieved profitability in 2023, demonstrating remarkable growth with revenue skyrocketing by 13 times, surpassing PHP 5 billion. The bank’s recent recognition as the ‘Best Digital Bank in The Philippines’ serves as a testament to its exceptional growth trajectory and enhanced profitability.

Henry Aguda, CEO of UnionDigital Bank, remarked, “Being recognized as the ‘Best Digital Bank in The Philippines’ validates UnionDigital Bank’s commitment to pioneering innovation and delivering exceptional value to our customers. This accolade reflects the dedication and hard work of our team in setting new standards for digital banking and continually striving to lead the industry forward.”

UnionDigital Bank, since its inception as the digital banking subsidiary of Union Bank of the Philippines, has been a trailblazer in the digital banking arena, consistently pushing boundaries and redefining industry benchmarks. Through strategic partnerships with key players such as digital healthcare platform mWell, ride-hailing service Angkas, and Malaysian airline firm Capital A, UnionDigital Bank has reaffirmed its commitment to innovation and customer-centric services.

“As we solidify our position as a rapidly profitable digital bank in the Philippines, the recognition by The Asian Banker underscores our ongoing commitment to excellence and innovation in the industry. This accolade serves as an encouragement for us to intensify our efforts in promoting financial inclusion, enhancing our financial services, and solidifying our role as a pivotal contributor to the digital banking sector,” commented Aguda.