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MANILA, Philippines – The country’s six digital banks amassed over P150 billion in deposits as of the first quarter, with funding growth continuing to outstrip that of traditional players as competition intensifies in the fast-expanding virtual banking sector.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that deposits in digital banks had reached P153 billion at the end of March, up 50 percent from a year earlier. Those funds were spread across nearly 38 million accounts, a 58-percent increase year-on-year.
READ: BSP on guard as digital banks face profit strain
The industry’s customer base expanded just as quickly. Digital banks counted over 25 million depositors as of March, a 67-percent jump from a year earlier, underscoring their deepening reach into segments of the retail market long underserved by brick-and-mortar lenders.
