Oldest Philippine Bank Seeks 50 Million Users in E-Wallet Race

Bank of the Philippine IslandsThe oldest lender in Southeast Asia, it aims to have 50 million customers on its digital platforms in the next three to five years to shore up profits, according to its top official.

Momentum Pits BPI Against Affiliate’s GCash Globe Telecommunications Inc. in a nation where 44% of the adult population is still unbanked while competition from deposits to credit cards is feverish. GCash, the largest digital wallet platform in the Philippines, has more than 60 million users.