Business Sense: UNO Digital Bank CEO Manish Bhai

MANILA, Philippines – Digital transactions are rising in the Philippines, where majority of the population is unbanked.

Data from the Bangko Sentral ng Pilipinas showed that as of the second quarter of 2021, 41 million Filipinos were unbanked, which equates to a little over half or 53% of the adult population. The BSP aims for 70% of adult Filipinos to have bank accounts by 2023.

While many Filipinos remain unbanked, transactions from PESONet and InstaPay grew 26% and 47% in 2020, respectively.

In this episode of Business Sense, Rappler talks to UNO Digital Bank chief executive officer Manish Bhai about the potential of digital banks to address the needs of unbanked Filipinos and how UNO plans to cater to the middle class.

Bhai also tells us about UNO’s expansion plans. – Rappler.com