MANILA -- Andrew Andora, a 30-something software engineer based in Cavite, 15 kilometers southwest of Manila, said he maintains accounts with traditional local banks for their vast ATM networks and broader stability, but has shifted his savings to several of the six digital lenders.

The primary hook is interest rates for savings accounts reaching as high as 5%. This dwarfs the less than 1% offered by traditional banks across the Southeast Asian nation.

“So far, so good -- although sometimes it is worrisome because when a digital bank experiences a downtime, you cannot access your money,” he told Nikkei Asia.