[Finterest] Is a digital bank safe, and how can you best use it?

MANILA, Philippines – Digital banks often promise convenience and higher interest rates, but how do you know if it’s for you?

Most of us are more familiar with the traditional brick-and-mortar banks that have existed for decades – the likes of BDO, BPI, and Metrobank. But ever since digital banking began in 2021, digital banks have taken a techie new generation by storm.

Currently, the Philippines has six licensed digital banks – UNObank, UnionDigital Bank, GoTyme, Overseas Filipino Bank, Tonik Bank, and Maya Bank.