Tonik Digital Bank Inc. is set to raise the bar in the digital banking space in the Philippines this year after getting the green light from the Bangko Sentral ng Pilipinas.

The government and private sector are expected to save up to $45 billion annually following the decision of the Bangko Sentral ng Pilipinas to ramp up digital payments in the country, according to the United Nations’ Better Than Cash Alliance.

Top banking executives are bullish on the prospects for the country’s banking industry this year amid the projected faster economic growth as well as the easing cycle by the Bangko Sentral ng Pilipinas.

BDO Unibank Inc. emerged as the Bank of the Year in the Philippines given its “focused approach on bringing the best services and loans to customers,” The Banker said in a statement.

Philippine Savings Bank turned over its annual support donation to its partner organizations, intended to benefit the proper formation and education of well deserving, disabled, and less-fortunate youths.