UB Negosyante ‘POWERS UP’ Momzilla Merchants

“Moms live exceedingly busy lives especially in this day and age, balancing their commitment to their careers and their dedication to taking care of their families. They need a quick and convenient option to pay for their purchases and/or suppliers. Going cashless is one of those options. No more visiting bank branches or lining up at ATMs just to withdraw money, all they need to do is use their mobile phones to collect payments or transfer funds seamlessly.” ~Ms. Kato Lim, Founder and CEO Momzilla PH's founder

(L-R) Ms. Kato Lim, Founder and CEO Momzilla PH's founder; Mr. Dino Velasco,UnionBank Institutional Banking Marketing Head; Ms. Audrey Pastelero, Founder and CMO.

Union Bank of the Philippines (UnionBank) continues to empower Filipino micro, small, and medium-sized enterprises (SMEs) by renewing its partnership with Momzilla PH to support the 2024 Momzilla Fair. Momzilla PH's founders, CEO Kato Lim and Chief Marketing Officer Audrey Pastelero, and UnionBank Institutional Banking Marketing Head Dino Velasco signed a Memorandum of Agreement at UnionBank Plaza in Pasig City, renewing UnionBank's role as the Momzilla Fair's digital payment provider.

The Momzilla Fair (taking place on July 13-14, 20204 at The Fifth at Rockwell Makati City) is the ultimate parenting experience. Budget-savvy and smart spending moms get to discover businesses and brands that cater to their demographic, and over 200 SMEs managed by moms can also bring their brand to new customers. 

The partnership with UnionBank, which began in 2023, will once again help Momzilla merchants reach their full potential with UB Negosyante. The goal of UB Negosyante is to empower SMEs by providing innovative solutions such as low-cost business accounts, a fully functional mobile application for seamless transactions, and educational seminars to promote business growth.

 

In its second year of partnership with UnionBank, Momzilla merchants will once again enjoy a full suite of innovative products tailored for SMEs.

“UnionBank stays committed to empowering SMEs and entrepreneurs through our digital banking innovations and capabilities. UB Negosyante was launched to address the needs of SMEs and to show that UnionBank is a Bank for SMEs. In addition to this, we fully support the BSP’s (Bangko Sentral ng Pilipinas) call for the modernization of payment systems and adoption of digital payments within the country.” ~Mr. Dino Velasco, UnionBank Institutional Banking Marketing Head 

Momzilla Fair will also have another two exhibits this year on September 7-8 at The Fifth at Rockwell, and November 9-10 at SMX Aura, Bonifacio Global City, Taguig.

 

Union Bank of the Philippines is regulated by the Bangko Sentral ng Pilipinas  https://www.bsp.gov.ph

For any concerns, you can contact us through our Customer Service Hotline at (+632) 8841-8600 or you may visit https://www.unionbankph.com/

UBX revenues balloon 5x in 2021, aims to ride growth momentum this year

“The year 2021 was a real inflection point for us – it is when we achieved traction. Our goal is to continue to ride on this growth momentum in 2022 through constant innovation and the development of solutions that will further democratize access to financial services. We're connecting people to the financial systems of the country, we're doing it in a way that's more affordable and providing more opportunity and access to everybody, and we believe that improves lives. We believe in a future where financial services are embedded into the everyday experiences and activities that matter to businesses and people. We will continue to introduce more digital financial solutions this year to complement and support the open finance policy framework of the central bank.” ~John Januszczak, UBX President and CEO

UBX Logo

With the demand for digital financial solutions growing at rapid paces due to the pandemic, UBX, the leading open finance platform in the Philippines, recorded remarkable growth in 2021 with revenues ballooning by 5x, a momentum that the fintech innovator aims to ride on in 2022. UBX served over 200,000 business to business customers, partnered with more than 2,000 independent banking agents and 250 financial institutions, and recorded an annual gross transaction value of P20 billion.

Backed by Asia’s top digital bank UnionBank of the Philippines, UBX is the leading open finance platform in the country, enabling interoperability among different financial institutions by making data more accessible and portable. 

UBX offers a spectrum of financial services, providing technology that allows them to be embedded into digital platforms and business ecosystems. 

Over the last three years, UBX invested in building and developing various financial services that create more value for both consumers and businesses. Among its solutions are i2i, SeekCap, Bux, and Sentro. 

A banking-as-a-service solution, i2i brings financial services to underserved communities through its network of financial services providers. 

SeekCap, meanwhile, is the Philippines’ first same-day approval, digital lending marketplace developed for micro, small, medium sized enterprises who need access to credit to run and scale their businesses. 

Bux, on the other hand, is an end-to-end payment gateway for businesses of all sizes. It allows businesses to accept payments from their customers through over 50,000+ of over-the-counter locations, including 7-Eleven and LBC, debit and credit card payments as well as wallet payments via GrabPay and GCash. 

UBX is committed to continue developing new financial solutions this year, as it sees a huge opportunity in the industry with the rollout of the Bangko Sentral ng Pilipinas’ (BSP) policy framework for open finance. 

For more information about the company and this article, please visit www.ubx.ph. For inquiries, email us at hello@ubx.ph.

About UBX

UBX is the Philippines’ leading open finance platform, a fintech spun out of UnionBank of the Philippines. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter to businesses and people. 

UnionBank at 40: Future Forward, a leap to enduring greatness

“This acquisition further cements our position as a leading bank in the Philippines, as well as fast-tracks our growth aspirations in the retail banking segment.” ~Erramon Isidro M. Aboitiz, UnionBank Chairman

AR 2000 Championing e-commerce

Today as it ushers in its 40th year, UnionBank is globally-recognized by International Banker magazine as “already an unequivocal digital trailblazer in both the Philippines and Southeast Asia”, named ‘Asia Trailblazer Institution of the Year’ by Retail Banker International, and ‘Best Bank for Customer Experience in Southeast Asia’ from Global Brands Magazine, among many other international recognitions.

Aboitiz-led Union Bank of the Philippines (UnionBank) is widely-known to have been trailblazing many firsts in the country since it began operations forty years ago. UnionBank has always been among the first to embrace technological innovations to empower its customers into the future of banking. The Bank’s 40-year journey began with a simple vision: to become one of the top three universal banks in the country with respect to market capitalization, profits, and customer coverage.

UnionBank began building the foundations for its operations in 1981, and in just a year, became a commercial bank on January 19, 1982. A decade after, in 1992, the Bank debuted at the Manila and Makati Stock Exchanges in June of that year, and was granted a Universal Banking License the month after.

In 1994, UnionBank acquired the International Corporate Bank, which marked the first of a series of acquisitions that would strengthen UnionBank's capabilities to deliver banking services tailored to the unique needs of Filipino customers.

In 2006, UnionBank purchased 98 percent of one of the top 20 largest banks in the country International Exchange Bank (iBank), making it the 7th largest private domestic commercial bank in the Philippines.

In 2013, in line with a renewed thrust to enable financial inclusion in the country, UnionBank acquired thrift bank City Savings Bank. The acquisition enabled the Bank to expand its customer franchise and achieve its goal of financial inclusion that is also driven by sustainability.

AR 99 Financial Portal

In its thrust to promote sustainable financial inclusion, the Bank entered into its first venture into rural banking and micro-financing by acquiring a majority stake in the Cebu-based First-Agro Industrial Bank (FairBank) in 2016.

In the same year, UnionBank embarked on its radical digital transformation journey, favoring expansion through digital channels over the traditional opening of more branches, while reinforcing its commitment to deliver superior customer experience and making a promise that ‘no one gets left behind’ to promote inclusive prosperity in the Philippines.

The rest, as they say, is history as UnionBank went full throttle on its journey and continued to achieve numerous industry-firsts, gaining the reputation as the country's most innovative bank even before the Filipino mass adoption of the internet. 

UnionBank was the first Philippine bank to introduce mobile banking through wireless application protocol-enabled cellphones, the first Philippine Bank to launch a banking website, first to use an online payment card through EON, first to use a chat bot (Talk to Rafa), first to launch its own stablecoin (PHX), first to introduce mobile check deposit through its award-winning app UnionBank Online, opened The ARK—the first fully digital bank branch in the country, launched UBX—the Bank’s fintech and corporate venture capital arm, leveraging ecosystems and data to explore new possibilities to make financial services more instinctive and accessible, the first Philippine bank to go fully on the cloud, and launched UnionDigital becoming the first publicly listed Philippine bank with a digital banking license.

Capping off the year 2021, UnionBank surprised the country with the announcement of a game-changing deal to acquire the consumer banking business of American banking giant Citi in the Philippines.  Seen as the largest transaction in the local banking community in recent years.

“Our success today has been a product of looking ahead into the future and preparing for the evolution of banking. We will continue to help ‘tech up’ customers, partners, institutions in line with our ‘Tech Up, Pilipinas’ aspiration, empowering all of us to weather this pandemic and emerge more resilient than ever. Together, we can be future forward and leap to being a bank of enduring greatness.” ~Edwin R. Bautista, UnionBank President and CEO

Today as it ushers in its 40th year, UnionBank is globally-recognized by International Banker magazine as “already an unequivocal digital trailblazer in both the Philippines and Southeast Asia”, named ‘Asia Trailblazer Institution of the Year’ by Retail Banker International, and ‘Best Bank for Customer Experience in Southeast Asia’ from Global Brands Magazine, among many other international recognitions.

UnionBank rolls out “Bank on Wheels” in Cebu to help typhoon-affected customers

“In the wake of Typhoon Odette’s devastation, many banking customers in Cebu and other affected areas were left with little to no access to basic banking services. Committed to address this urgent concern, we deployed BOW while we worked on restoring the bank’s ATM network in these areas. UnionBank will go the extra mile to serve the needs of our customers especially in times like these. We take our corporate social responsibility and business continuity very seriously, and customers can rest assured that their banking needs will be met even in the most difficult of situations.” ~Henry Aguda, UnionBank’s SEVP, CTOO and CTO 

UnionBank rolls out “Bank on Wheels” in Cebu to help typhoon-affected customers

In the aftermath of the typhoon, UnionBank's ATM availability in disaster-stricken areas was cut to only 21 percent. But through the Bank's agility and superior digital banking capabilities, availability of its ATMs was up to 64 percent after just one day. As of writing, 97 percent of the Bank's ATMs in the said areas are now operational.

In a bid to aid the victims of Typhoon Odette in their journey toward recovery, Union Bank of the Philippines (UnionBank) recently deployed its "Bank on Wheels" (BOW) mobile banking facility in Cebu, to provide customers with easy access to much needed basic financial services.

UnionBank rolls out “Bank on Wheels” in Cebu to help typhoon-affected customers

BOW is UnionBank's 5G-capable banking kiosk in a van, designed to bring the Bank's trailblazing technology and innovation directly to its customers. It is a mobile version of its first-in-industry fully digital banking branch, The ARK, allowing customers to experience the features of the said branch potentially anywhere in the country.

Cebu residents were able to use the automatic teller machine (ATM) inside the kiosk that enabled them (UnionBank cardholders) to do balance inquiry, withdrawal, funds transfer, and bills payment transactions. Non-UnionBank cardholders were able make balance inquiry and withdraw cash.

UnionBank rolls out “Bank on Wheels” in Cebu to help typhoon-affected customers

With the cash recycler machine (CRM) also inside the kiosk, the Cebuano UnionBank customers were in addition to the transactions mentioned earlier, were able to do card-less withdrawal as well as cash deposit for both carded and card-less transactions. Non-UnionBank cardholders, on the other hand, were able to do balance inquiries and cash withdrawals.

Housed in an air-conditioned and internet-connected facility, both machines replicate the fully digital banking branch experience, ensuring security and ease during transactions. The BOW moved to various typhoon-affected areas to make its features accessible to as many banking customers as possible.

UnionBank clients can now seamlessly do direct cash-in to their Shopee and Lazada wallets!

“These partnerships are timely especially now at a time when e-commerce and cashless transactions are exponentially rising. This ensures Filipinos can participate in the headwinds of innovation and a better, more seamless customer experience as a result.” ~Erika Denise Dizon, UnionBank FVP and Head of Fintech Business Group

UnionBank clients can now do their online shopping more conveniently through the country’s major e-commerce giants Shopee and Lazada -- by directly cashing-in their e-wallets. This new option opens another channel for Bank customers to do their online transactions seamlessly.

Surely, buying essentials online has never been this easy! Shopee and Lazada buyers can now easily cash-in, in real time from their UnionBank accounts. Customers also enjoy discounts and added benefits with their online purchases, for every top-up transaction.

This was made possible with the collaboration of tech savvy ShopeePay, Lazada Wallet and UnionBank, combining the power of three digital leaders. 

Here’s how it works. To cash-in your ShopeePay using UnionBank Online Banking, go to ShopeePay Wallet, select Cash-in, enter the amount, select online banking as the payment method, and choose UnionBank. You will then be directed to the Bank’s online banking to confirm the transaction.

For Lazada Wallet, click the wallet icon on the upper right portion of the homepage. Select the cash-in button, enter the amount, and select “Add UnionBank account” in the Cash-in Methods page. You will then be directed to the Bank’s online banking site for confirmation of the transaction. Then enjoy shopping!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year – Ender! Achievements, and Future Projects!

"The pandemic created this shift to digital, which we now refer to as the “new digital normal”. We changed the way we live, the way we travel, the way we interact with one another, and basically we've changed forever in terms of how we transact in the financial sector. But even before the pandemic, UnionBank already had this forward-looking view that digital is the way for us to move forward, and when the pandemic hit, not only did we survive, but I'm happy to say that the Bank actually thrived," ~Henry Aguda, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

In celebration of its numerous accomplishments and milestones this past year, and to give a small preview of what its customers can expect in 2022, Union Bank of the Philippines (UnionBank) held another iteration of its long-running virtual media roundtable series E-TalkTales last December 15. In celebration of its numerous accomplishments and milestones this past year, and to give a small preview of what its customers can expect in 2022.

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

Arvie de Vera, Co-Founder and CEO of UnionBank's digital-native banking arm UnionDigital, and Henry Aguda, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer

During the virtual event, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda talked about some of the Bank's achievements for the year, while the Co-Founder and CEO of UnionBank's digital-native banking arm UnionDigital, Arvie de Vera, talked about the role that the newly formed digital bank will play in UnionBank's digital transformation journey going forward.

Henry Aguda, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer.

Aguda began the discussion by recounting how UnionBank's digital transformation journey has enabled it to brave 2020 and the equally challenging 2021. 

Aguda, then highlighted the top 10 most notable achievements of UnionBank in 2021. These include being the only publicly listed Philippine bank to be granted a license to operate a digital-native bank; the successful groundbreaking of the UnionBank Innovation Campus, the country's first-ever learning institution focused on digital innovation; and having 21 patents for its innovative offers already approved and 18 more on the way. 

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

Other notable achievements include the integration of Instapay 2.0 into its digital banking platform; the successful launch of the UnionBank SME Banking App; the launch of wealth management educational campaigns including the NextGen Academy; significant user growths for UBX’s platforms SeekCap, Bux, and Sentro; and the significant increase in its customer base to almost 10 million to date, from just nearly 7 million as of end-2020.

Meanwhile, de Vera provided a quick introduction to UnionDigital. UnionDigital is one of only six financial institutions in the Philippines that have officially been granted digital banking licenses by the Bangko Central ng Pilipinas to date. 

Arvie de Vera, Co-Founder and CEO of UnionBank's digital-native banking arm UnionDigital

"While UnionDigital aims to empower the country's digital economy, we also aim to elevate it by bringing trust and governance into the space. We embrace innovation like a fintech, but offer all the powers, experience, and track record of a fully regulated bank. At the heart of our work will always be the desire to provide our customers with what they want and what they need, while ensuring that they have what they need in terms of security, compliance with regulation, and proper governance.” ~Arvie de Vera, Co-Founder and CEO of UnionBank's digital-native banking arm UnionDigital

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

As UnionBank's digital banking arm, UnionDigital will focus on delivering banking and financial services to underserved sectors which the parent bank is not able to optimally cater to. 

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

In terms of what customers can expect from the Bank and its subsidiaries in 2022, some of the things that Aguda and de Vera gave a sneak preview of were the Bank's possible foray into non-fungible tokens (NFTs), several new solutions aimed at helping workers in the thriving gig economy through EON, and participating in the growing interest and opportunities relating to the metaverse, just to name a few. 

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

"UnionBank’s goal is not just to help people survive, but to actually enable them to thrive in this new environment through the latest financial technologies; staying true to our commitment to “Tech-up Pilipinas! I hope you are as eager as I am to welcome 2022. What I can promise you is that what you heard today is just the tip of the iceberg. There’s a lot more exciting news you can look forward to from UnionBank." ~Albert Cuadrante, UnionBank Chief Marketing Officer

Albert Cuadrante, UnionBank Chief Marketing Officer

 

UnionBank of the Philippines (UnionBank) 13th E-Talk Tales & 2021 Year!

UnionBank Chief Marketing Officer Albert Cuadrante capped off the event with a promise that the Bank will continue to do even better in 2022 in terms of delivering great customer experience across channels and platforms. 

UnionBank attributes DX success, innovation in part to BSP's openness

"A lot of people claim that if you're in a heavily regulated industry, you won't be able to become agile. Worse, the regulators may stand in the way. Strangely enough, they're the ones encouraging us to innovate. I think regulation would normally be the blocker, but fortunately enough, the BSP has created a sandbox for experimentation, like UnionBank's API platform, and open finance experiments. Prior to the pandemic, the BSP already pushed for the NRPS. It was actually the BSP who was saying, 'hey, we should go to digital payments.' There was some resistance in the industry, but UnionBank signed up for it early. Now, BSP is looking into how to create a responsible regulatory framework for digital currency. During the pandemic, we had to send out a new product that will allow us to launch an app that will enable our customers to cash out in 11,000 counters nationwide. And the framework for us to execute that, as well as the product approval -- we got that covered in a matter of two weeks. We apologized to the BSP team because we had to work with them over the weekend, up to 11 in the evening. So, talk about a regulator who's responsive to the times. Fortunately, our regulators don't stand in the way of moving quickly towards the goal of a more digitized financial industry." ~Henry Aguda, Senior Executive Vice President, the Bank’s Chief Technology & Operations Officer and Chief Transformation Officer

UnionBank attributes its success in digital transformation and innovation in part to the openness of the Bangko Sentral ng Pilipinas (BSP), which has been opening an environment that is conducive to thinking outside of the box.

Embracing digital transformation early on, Union Bank of the Philippines (UnionBank) continues to blaze the trail and excite customers with innovative solutions driven by technology and co-creation. Henry Aguda, Senior Executive Vice President, the Bank’s Chief Technology & Operations Officer and Chief Transformation Officer, cites how enabling and essential it is to have your regulator’s support.

Another example is the BSP's push for digital payments. It was in late 2017 when the banking regulator launched the National Retail Payment System (NRPS), providing the framework for the modernization of retail payments in the country.

Aguda also mentioned a UnionBank experience with the BSP, reflecting its openness to innovation and willingness to collaborate despite tight timelines, with the customers’ benefit in mind. 

UnionBank's 11th E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

"You have to make it easier for the consumers to discover the value of insurance. And insurance is obvious when it is hyper-personalized and offered in a hyper-relevant context. Products are often too complicated, predicated on old sales models with corresponding jargon that inevitably develops over the years. Often, what is sold is in many cases essentially the same kind of product that my own parents bought over 50 years ago. What is equally concerning is the sub-optimal impact that the complexity has not just on customers, but conventionally, on insurance agents and advisors. Traditional intermediaries such as agents, brokers, and bank partners have only so much reach without leveraging digital. On top of this, distribution via these traditional channels requires higher value products to be economically feasible. The cause of traditional sales channels is noble, but ultimately, only economically feasible for the more affluent in our society." ~John Januszczak, UBX President and CEO

In the latest iteration of Union Bank of the Philippines’ (UnionBank) 11th E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance. A discussion on how UBX's 'Assured' will make insurance more accessible and convenient than ever specially during these uncertain times. UBX President and CEO John Januszczak, Coherent CEO John Brisco, and Chubb Deputy Regional President for Asia Pacific Glen Browne discussed the ongoing insurance crisis in the Philippines and how UBX’s insurance platform Assured is helping address this crisis through embedded insurance with everyday Filipino experiences powered by innovation and co-creation.

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

"What we're trying to do is help insurers by making it much easier for them to bring their products and integrate them into the UBX ecosystem. So, we're acting as the facilitator between UBX and insurers so that all the data that has to interact between an insurer and UBX is as consistent and seamless as possible. If UBX is trying to think about the experience of the user, Chubb is providing world-class products to fit into that experience, and then Coherent is bringing the technology to enable that to happen, and I think that's a very unique proposition which doesn't really exist across many markets in the world." ~John Brisco, Coherent CEO

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

Januszczak highlighted three possible factors that are keeping a lot of Filipinos from availing insurance products. First, he said that it's not easy for most to have even a basic understanding of how valuable insurance can be for them, which is why it's important for providers to make it easier to discover. Another problem that is contributing to the insurance gap in the country is that insurance products can be very challenging to understand. And lastly, there are also the problems related to distribution.

"With Assured, it's bringing the complexity of traditional insurance into bite-sized chunks, in a very accessible and easy-to-understand way." ~Glen Browne,  Chubb Deputy Regional President for Asia Pacific

This is where UBX's embeddable insurance platform Assured comes in. With Assured, the goal of UBX is to take monolithic, complex, and expensive products from insurers and make them more accessible. Through this, UBX also aims to provide a single platform and a single API to make it easier for solutions developers and communities to aggregate and customize protection across multiple insurance providers.

Include Everyone!

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

“I think the definition for SMEs is much more defined where we're really looking at micro, small, and medium enterprises. So, these are your businesses with, for micro, 3 million in capital, and then you have 15 million for small, and for medium, it's about a hundred million in capital. It's a large market and we think this is a segment that needs attention at this time, and we're putting our efforts into that. We've seen that in the way they apply for loans. You would think that because you have loans available that people are going to flock and apply,” Santiago said. “In fact, even those existing loans that we have that have reached the renewal stage, MSMEs would even say 'can you renew that at half the amount only, and I will just come back to you when things are better? It's a good thing because it shows a sign of maturity, and you know, in this time, you can't be very aggressive. You really need to think about your next steps to be able to survive this crisis.” ~Mr. Manual G. Santiago, Jr., UnionBank’s Chief Mass Market, and Financial Inclusion Executive

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

Union Bank of the Philippines (UnionBank) recently created the country’s very first mass retail banking hub, aimed at providing support specifically to micro, small, and medium enterprises (MSMEs) in the country as part of the Bank’s goal of enabling inclusive prosperity amid the current global health crisis. UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs through the very first mass retail banking hub in the country with Mr. Manuel "Chut" Santiago. 

Mr. Manual G. Santiago, Jr., UnionBank’s Chief Mass Market, and Financial Inclusion Executive

With micro-enterprises making up more than 90 percent of the country's business enterprise sector, there has always been a need for banking and financial solutions aimed at supporting these small firms, as doing so is crucial to the Philippine economy. Knowing this, UnionBank established the country's first mass retail banking hub dedicated to enabling inclusive growth for entrepreneurs, with services ranging from e-commerce solutions that cater to businesses of all sizes, to financing offers aimed at mass-market customers.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

The hub, a consolidation of all entrepreneur-centric solutions offered by UnionBank, will provide a one-stop center for resources that MSMEs might need in order to support their businesses regardless of sizes—such as financing, logistics, and a buyer-seller network, to name a few—all made accessible to mass-market customers.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

This was one of the topics at UnionBank’s E-Talk Tales last February 17, wherein UnionBank’s Chief Mass Market and Financial Inclusion Executive Manual G. Santiago, Jr. focused on how the Bank addresses the typical pain points encountered by entrepreneurs, especially during the pandemic.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

Santiago began the discussion by first explaining what the hub’s target market is, which he defined as “the middle-middle income level going down” which is also a mix of banked, underbanked, unbanked customers.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

According to Santiago, UnionBank estimates this market at about 50 million customers, with the majority of them being in the lower-income segments. In addition, about 60 percent of this customer market classify themselves as self-employed entrepreneurs. 

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

Santiago noted that a lot of entrepreneurs today are very careful about their decisions when it comes to their businesses, as a result of the uncertainties brought about by the current health crisis. This “wait and see” mindset is evident even in those who have immediate access to financing.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

With its vision of empowering SMEs through digital initiatives, UnionBank has already laid a lot of groundwork even before the pandemic to address SME challenges.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank Business Loan via UBX SeekCap, an online Loan Marketplace where business owners and SMEs may easily browse short-term business loan products and apply digitally. SeekCap allows SMEs to get approval within hours.

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

UnionBank 9th E-Talktales: How UnionBank enables inclusive growth for PH SMEs

The Bank has also created the SME Business Banking App, an online platform that enables SMEs to manage their financial transactions by facilitating all business payments with the most extensive list of government and utility billers, transferring funds to both local and international banks, customizing complex business approval flows, enrolling all companies and subsidiaries in a single-login setup, and opening and managing payroll accounts for their employees, among others. 

Mr. Manual G. Santiago, Jr., UnionBank’s Chief Mass Market, and Financial Inclusion Executive

To know more about UnionBank's digital initiatives, visit https://www.unionbankph.com/.