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The Philippines’ six digital banks reported massive growth in 2023, outperforming traditional banking institutions in expanding access to financial services.
Despite their recent entry into the market, these banks reported a near doubling of deposits from over P35 billion to P69 billion between 2022 and 2023, with gross total loan portfolio increasing from over P11 billion to nearly P25 billion in the same period. Digital banks have transcended infrastructural limitations to boost financial inclusion, offering deposit accounts and credit to populations that traditional banks have typically overlooked.
Philippines Latest News, Philippines Headlines
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