Philippines’ digital banks chase profits as regulator ups the stakes

THE first bank account that Isabel Bautista personally signed up for was with GoTyme.

“When I saw they were offering interest rates worth 5 per cent, and that cash-ins were free of charge, signing up was as easy as ABC,” she told Tech in Asia. She did not stop there. She currently has three accounts with three different digital banks, all of which are holding upwards of six-figures of her savings.

Ever since the country’s central bank – Bangko Sentral ng Pilipinas (BSP) – issued digital bank licences in late 2020, Filipinos have been spoiled for savings account choices.