Hey! I posted a blog that compared 2 neo-banks in the Philippines and now I will be listing again the new joiners. Neobanks or digital banks are becoming a new thing now as they provide easy access to creating bank accounts and transactions.
In this blog post, I will be posting another comparison and list of digital banks in the Philippines this 2023.
In addition to CIMB, this 2023, more and more digital banks are coming in and offering higher interest rates and other features compared to regular banks. Note that ING exited the scene last year (2022) as they shifted to wholesale banking.
GoTyme
A joint venture between the Gokongwei Group and Singapore-based Tyme Group
- Offers a physical VISA debit card within 5 minutes and for free
- Go reward partner and earn 3x Go reward points
- Pick up your calls in 2-minutes
Maya
Formerly known as PayMaya. It is a digital financial services platform developed and operated by Voyager Innovations, Inc.
- Combines a secure wallet and a progressive digital banking experience
- Offer Maya Credit up to 18K
- Installment payment*2
- Buy and Sell Cryptocurrencies
SeaBank
SeaBank is part of Sea Limited (NYSE: SE), a global consumer internet company founded and headquartered in Singapore and listed on the New York Stock Exchange.
- artificial intelligence-powered platform that makes every transaction simpler and easier
- Free money transfer*1
- Integrated with Shopee
KOMO
Part of EastWest Bank’s digital solution
- Debit card and withdraw anywhere
- Use biometrics instead of OTP to send
- Money Management
- Send money for Php 8
UNO
Founded in 2020 and is operated by Singapore fintech Digibank in ASIA
- artificial intelligence-powered platform that makes every transaction simpler and easier
- Time deposit
- Add money free*
Union Digital Bank
Part of the Aboitiz-led Unionbank
- Debit cards, credit cards and loans
- Recognized by various industry organizations for innovative mobile banking
- Split-bill feature
- Send money to remittance center
- Deposit a check through app
As you notice, most of them offer higher interest compared to regular banks since this is their way of introducing themselves to customers. But having higher interest rates that reach up to 6% will make a difference? I would prefer a bank with 24/7 customer service and is reachable anytime since these banks are virtual and you cannot visit their branch if you have concerns.
Most of the banks are using the same template in their services and products but I am looking forward to the bank that offers something that stands out. Some of them offer loans which as of now is an edge over their competitors but eventually, others will follow and this feature will become saturated and not appealing.
Overall, I’m glad that the Philippines are moving to digital banking and the Filipinos are using it unlike those times 10 years ago.