@RalfRivas In this episode of #BusinessSense, Rappler's @RalfRivas talks to UNO Digital Bank CEO Manish Bhai about the potential of digital banks to address the needs of unbanked Filipinos and how UNO plans to cater to the middle class.
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@RalfRivas UNO’s Bhai: It’s one app which will allow you to borrow, save, transact, protect, and invest. These plans are very ambitious…you need to ensure your foundations are strong. #BusinessSense
@RalfRivas UNO’s Bhai on the digital bank being credit-led: That’s our key mode, that’s the way we intend to stand out from multiple traditional banks as well as multiple digital banks which are looking to launch. #BusinessSense
@RalfRivas UNO’s Bhai: The beauty of fintech is that there is always more and there will be more for everyone. Especially when you look at the Philippines, the untapped market potential is so high. #BusinessSense
@RalfRivas UNO’s Bhai: One area where the Philippines has highly lagged is financial inclusion, specific to credit as well. When you look at the credit side, only 10% of Filipinos borrow from the organized sector. #BusinessSense
@RalfRivas UNO’s Bhai: In 6 to 9 months, we intend to make a meaningful dent when it comes to the credit lending spectrum. #BusinessSense
@RalfRivas UNO’s Bhai: We are lending-led, but it does not mean that we are not doing other banking services. We will be highly competitive when it comes to savings accounts and deposit accounts. #BusinessSense
@RalfRivas UNO’s Bhai: Our target market when it comes to lending is mass and mass affluent – that is anyone earning over, say P15,000 monthly income, and going all the way to mass affluent. #BusinessSense
@RalfRivas UNO’s Bhai: Our vision is elevating you by making banking simple, better, and more accessible. #BusinessSense
@RalfRivas UNO’s Bhai: Our strategy is more focused around credit. Our target is that in the next 6 to 12 months, we are able to expand our portfolio significantly, try and test well in Metro Manila and then start expanding to the other regions. #BusinessSense
@RalfRivas UNO’s Bhai: It would not be fair to say that Filipinos won’t pay up. It is important to kind of segregate where the likely risk of non-payment is reduced. #BusinessSense
@RalfRivas UNO’s Bhai: Only around close to 5 million people [in the Philippines] have credit cards. I don’t think it is a true reflection of the country that only 5 million people have the ability to pay. #BusinessSense
@RalfRivas UNO’s Bhai: There is an opportunity to really look at the next 10, 15, 20 million possible people who have the ability to pay as long as reasonable interest rates are charged. #BusinessSense
@RalfRivas UNO’s Bhai: In 3 to 5 years, we intend to build around [a] $1.5- to $2-billion portfolio. #BusinessSense
@RalfRivas UNO’s Bhai on national ID: Once PhilSys is fully functional and once each bank is able to authenticate an individual using PhilSys, that will be a game changer when it comes to both banking and lending. #BusinessSense
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