MANILA - UNO Digital Bank said on Wednesday it partnered with Mastercard ahead of the planned rollout of its digital banking services in the country.

With the partnership, UNO Digital Bank will be able to issue digital and physical Debit Mastercard cards in the Philippines, it said in a statement.

Mastercard can be used at points of sale (POS) at retail outlets or any Mastercard, Maestro or Cirrus ATMs worldwide while virtual cards allow users to transact online.

“Filipinos are embracing digital payments, and our partnership with Mastercard honors our promise to deliver simple solutions to our customers that offer a better banking experience. Moreover, as a credit-led bank we are also building a payments ecosystem," UNO Digital Bank CEO Manish Bhai said.

“In our business partners, such as with Mastercard, we seek those with a similar mindset to our own: a mission to deliver innovation with simplicity," he added.

The UNO Digital Bank's MasterCard is designed to mitigate fraud and prevent misuse, it said.

UNO Digital bank, backed by Singapore-based fintech company UNOAsia Pte Ltd, is among the 6 firms granted with digital banking licenses by the Bangko Sentral ng Pilipinas in 2021.

Digital banks have no physical branch and are designed to boost financial inclusivity in the country.

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