Former Ilocos Sur governor Chavit Singson held a soft launch of his own digital bank, with the ex-politician and senator aspirant targeting 20 million local users.
Singson unveiled the digital banking platform VBank in a bid to revolutionize financial inclusion in the country.
“This is not just about banking. It’s about giving every Filipino the tools to participate in our economy,” Singson said in a statement.
“VBank makes it possible for anyone, regardless of location, to access essential financial services,” he said further.
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With VBank, people looking to have an account can open one entirely through the app, eliminating the need for tedious paperwork and long queues according to the company.
Users will also be able to send money to all banks and digital wallets, as well as pay bills, and purchase mobile phone loads.
“VBank has over 6,000 cash-in outlets nationwide, following its partnership with Tambunting Pawnshop, Puregold, and Alfamart, ensuring a seamless transaction even for those in remote areas,” he added.
During the launch, Singson also announced a 58-day raffle promo aimed at enticing and engaging more users, as well as spreading awareness of the new digital banking platform.
At the said VBank soft launch, 58 winners took home ₱5,800, with one winner taking home ₱58,000 daily.
A grand prize of ₱580,000 also awaits one winner on the 58th day.
To join, users simply need to download the VBank app, create an account, and follow Singson’s official Facebook page for updates.
According to the Bangko Sentral ng Pilipinas (BSP), nearly 77 percent of Filipinos remain unbanked, relying on informal and often unreliable financial systems.
VBank said it aims to bridge this gap by providing a secure, user-friendly platform tailored to the needs of everyday Filipinos.