DigiBankASIA chose cloud banking platform Mambu as the technology foundation of its new Southeast Asia-focused full service digital bank UNO, which will debut in the Philippines.
The Singapore-headquartered fintech firm is currently working with the regulators to obtain the necessary license in the Philippines, where about 70% of the population is considered “unbanked.”
Manish Bhai, CEO and co-founder of UNO, said they plan to address a number of unmet needs in the Philippines, particularly the low levels of financial inclusion and consumer credit.
The Philippines has very high mobile penetration, with 60% owning a smartphone, and 67% of the population using the internet.
“Filipino customers are absolutely ready for a full service digital bank like UNO, which will allow customers to save, borrow, transact, protect and invest, all in one innovative, highly personalised app,” he said.
“There is currently no challenger digital bank in Southeast Asia offering the full spectrum of financial services that a customer needs in a single app, and we’re excited to make banking more accessible to the Filipino population,” added the CEO.
He said they chose Mambu’s SaaS banking platform because composability and being cloud-native were top of their list of requirements.
Myles Bertrand, Mambu’s managing director in the Asia Pacific, said that for for the first time ever in this region people will have access to an AI-first, fully composable, all cloud, full stack digital bank.
“The UNO app utilises the absolute best technologies on the market and offers extraordinary micro-personalisation that simply hasn’t been seen before in Asia,” said Bertrand.
“While DigiBankASIA was inspired by the unique needs of consumers in Southeast Asia, and particularly the Philippines, the technology behind UNO is absolutely cutting edge, and could arguably be considered best-in-class anywhere in the world,” he added.