East West Banking Corporation (EastWest) introduces its first local digital bank, Komo. Earlier this month, Komo received approval from Bangko Sentral ng Pilipinas (BSP) to launch its digital bank services to the public. Operating under EastWest Rural Bank, Komo offers an annual interest rate of 3% for its Digital Savings Account with no minimum balance. EastWest also ensures customers that the all-digital bank will provide seamless, secure, and reliable services. Tony Moncupa, EastWest CEO, said: "Komo combines the best of two worlds: the convenience of modern digital banking backed by the security of a strong brick-and-mortar bank like EastWest." Komo's mobile app is scheduled to launch around the third quarter of 2020. The central bank also emphasized that digital payment fees are expected to be lower than charges for manual or over-the-counter transactions because electronic channels are generally more efficient and cost-effective to operate. Read more in our articles including "EastWest launches first local digital bank Komo" and "Banks, e-wallets face new BSP rules on digital payment fees".
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May 23, 2026East West Banking Corporation (EastWest) introduces its first local digital bank, Komo. Earlier this month, Komo received approval from Bangko Sentral ng Pilipinas (BSP) to launch its digital bank services to the public.
Operating under EastWest Rural Bank, Komo offers an annual interest rate of 3% for its Digital Savings Account with no minimum balance. EastWest also ensures customers that the all-digital bank will provide seamless, secure, and reliable services. Tony Moncupa, EastWest CEO, said: "Komo combines the best of two worlds: the convenience of modern digital banking backed by the security of a strong brick-and-mortar bank like EastWest." Komo's mobile app is scheduled to launch around the third quarter of 2020.
Our coverage of first local digital bank includes: "EastWest launches first local digital bank Komo"; "Banks, e-wallets face new BSP rules on digital payment fees"; "Facebook Home announced, along with HTC First". Each article provides unique insights and information.