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Philippines steps up fintech push with two new digital banks

Central bank issues licenses to Tonik and UNO Bank

The Philippine central bank aims for 70% of adults in the country to have an account at a formal financial institute by 2023. (Source photos by Reuters and screenshot from Uno Bank and Tonik Bank's websites)

MANILA -- The Philippine central bank has awarded two more digital banking licenses, as Southeast Asia steps up its foray into fintech.

Sequoia India-backed Tonik Digital Bank and Singapore-based UNObank have secured licenses, Philippine central bank Gov. Benjamin Diokno announced on Tuesday. They join state-backed Overseas Filipino Bank, which got a license in March.

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