This digital bank demonstrated stronger growth among peers. It acquired 1.7 million customers in 2022—or 314,000 new customers per month.

It also reported a strong balance-sheet with a 67% loan to deposit ratio, $170 million (PHP 9.2 billion) in deposits and $231 million (PHP 12.6 billion) in assets. It was using its deposits more effectively compared to other digital banks. 

This winning bank recently signed a strategic partnership with subsidiaries of Aboitiz Group, allowing them access to the group’s ecosystem, continuing on delivering innovative and digital-centric lending products and services to its customers.

With its strong financial numbers, customer acquisition, and strategic partnerships, the award for  Best Digital-Only Bank in the Philippines goes to UnionDigital Bank.