October 21, 2021 | 00h00
MANILA, Philippines – Rebisco Group’s banking arm, Asia United Bank (AUB), strengthens its digital platform as it continues to prepare for intense competition from new entrants, especially in the digital bank.
The banking arm of the Rebisco group, Asia United Bank (AUB), is strengthening its digital platform as it continues to prepare for intense competition from new entrants, especially in the digital banking arena.
âObviously, we welcome the influx of these digital-only banks, but at the same time, we believe that we already have a viable product since 2019 and we continue to develop it and make it more mainstream. So I guess AUB is very well placed to face this additional competition, âhe said.
Rodriguez said HelloMoney was piloted and launched in 2019, long before the COVID-19 pandemic, making AUB likely the first purely digital account.
BSP has granted digital banking licenses to six entities: Overseas Filipino (OF) Bank, Tonik Digital Bank, UNObank, Union Digital Bank, GOtyme and Maya Bank.
âThe other way for digital payments to take off is to make them accessible to most Filipinos. And that’s why we introduced HelloMoney, âRodriguez said.
HelloMoney is an electronic wallet designed for Filipinos to provide payment and financial solutions as well as convenient cash tracking. With the app, customers can manage their funds from their phone and easily perform all digital banking needs using this mobile app.
Another unique feature of HelloMoney is making contactless payments using QR, both person-to-person (P2P) and person-to-merchant (P2M). AUB is one of the first banks to adopt QR Ph, the BSP’s national QR code standard supporting interoperable digital money transfers and payments via a single QR Ph code. It has also partnered with Pag-IBIG.
Besides GCash, AUB’s first vice president Mags Surtida said the bank was in talks with three other e-wallet operators.