#Komo digital bank

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. (PPMI) are pushing digital banks and e‑wallets to rely more on standardized payment rails—and less on proprietary “shortcut” integrations. Starting February 1, 2026, the digital bank permanently disabled deposits via linked bank accounts “in accordance with PPMI and BSP regulations,” effectively killing a feature that allowed direct, in‑app cash‑ins from local banks such as BPI. 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".