UBX, Etiqa partner to introduce “insure now, pay later” scheme

“One of the many realities that was spotlighted by the pandemic was that insurance should be brought closer to the average Filipino. Our collaboration with Etiqa allows us to do this by providing Filipinos with flexible options for their life and non-life insurance needs. Since day one, our goal has always been to include everyone and to introduce an ‘insure now, pay later’ solution that allows us to be a step closer towards that vision. With the wide reach of Etiqa now coupled with the digital solutions of UBX, we are breaking ground in the insurance industry by paving the way for more insurance companies to follow suit. Ultimately, we hope to break the trend of inaccessibility of insurance in the Philippines. Our mission of financial inclusivity does not stop at digitalizing financial transactions for banks and merchants. We want to improve the quality of life of Filipinos as well, which is why we want to break ground in the insurance industry by providing digital solutions that bring insurance closer to the average Filipino.” ~John Januszczak, UBX President

In order to introduce the “Insure now, Pay later” scheme in the Philippines, UBX, the leading open finance platform in the Philippines, and Etiqa Philippines, a regional brand that offers life, health, and non-life insurance under a single brand, have entered into a strategic partnership.

 

UBX's verticals BUx, an end-to-end payment solutions platform, and Splix, a transact-now-pay-later platform, will be utilized by Etiqa as part of the partnership to provide Etiqa policyholders with flexible and convenient methods for paying their premiums.

 

Policyholders now have the option to pay their premiums in installments, either with or without credit cards, thanks to the partnership. Etiqa lets its customers pay their premiums using online banking, e-wallets, or over-the-counter methods by utilizing the 60,000 BUx payment channels.

Rico T. Bautista, President and CEO of Etiqa Philippines, stated that this partnership demonstrates Etiqa's determination to be a leading promoter of insurance technology in the Philippines.

“We are grateful for the opportunity to partner with UBX in empowering more Filipinos to achieve financial security through digital solutions and technology. This partnership is very much aligned with our mission to make the Philippines a better place.” ~Rico T. Bautista, Etiqa Philippines President and CEO

UBX's, BUx platform, which unifies card payments, bank transfers, over-the-counter payments, and e-wallets into a single solution, is the leading all-in-one payment solutions platform in the Philippines. Through its best-in-class dashboard, users of BUx can also track paid and pending payments, download payment summaries, and get real-time notifications of funds credited.

 

Splix, on the other hand, is UBX's platform for transacting now and paying later. Splix gives its clients the ability to provide customers with a variety of payment options.

 

Etiqa is one of the best insurance companies in the Philippines. It offers a wide range of life and non-life insurance products that meet the needs of all Filipinos for protection, savings, and investments.

 

Even though the primary focus of this partnership is on collecting money, it also gives Etiqa customers the ability to defer insurance payments and break them up into smaller amounts.

 

The insure now, pay later plan addresses the widespread issue of inaccessibility and the misconception that insurance is an unnecessary expense by offering a less intimidating payment plan.

For more information about the companies and this article, please visit www.ubx.ph and etiqa.com.ph.

About UBX

Originally the financial technology venture studio and fund of UnionBank of the Philippines, UBX is now the Philippines' leading Open Finance platform. 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. For partnerships, email us at hello@ubx.ph.

 

About Etiqa Philippines

Etiqa Philippines is a regional brand that offers a wide range of Life, Health and Non-Life insurance products under its composite license. For over 60 years, it has been one of the leading providers of Group Health Insurance to major conglomerates and corporations across industries, with over 1,600 accredited hospitals and clinics, and 30,000 doctors nationwide. Etiqa’s headquarters is based in Kuala Lumpur.

UBX appoints digital transformation and A.I. expert Mario Domingo as new global CTO

“UBX and I share the same passion for digital transformation, knowing full well that it creates a huge impact in the lives of many people. I commit to continuously pursue innovation and lead the development of new solutions that will strengthen our goals towards financial and social inclusion in the Philippines.” ~Mario Domingo, New Global Chief Technology Officer

Mario Domingo as its new Global Chief Technology Officer

UBX, the leading open finance platform in the Philippines, has appointed digital transformation and artificial intelligence expert Mario Domingo as its new Global Chief Technology Officer.

With over three decades of experience under his belt, Domingo is one of the most successful digital transformation executives in the Asia Pacific Region, having played multiple roles in various organizations in Asia and the US. 

Domingo is now responsible for the management of product development and technology services at UBX and will spearhead the company’s platform and ecosystem development initiatives.

“Innovation is at the core of UBX’s existence. Domingo’s vast exposure to and experience in technology will certainly complement and strengthen our continuous pursuit for innovation to promote financial and social inclusion,” ~John Januszczak, UBX President

Prior to his appointment as the new UBX CTO, Domingo was the Asia Pacific Group CTO of the Chicago Board Options Exchange, a high-throughput, high-performance equities trading platform. During his tenure, he successfully built Artificial Intelligence technology businesses and is the founder of DARC Labs, a cancer and diagnostics research center powered by AI.

UBX and I share the same passion for digital transformation, knowing full well that it creates a huge impact in the lives of many people. I commit to continuously pursue innovation and lead the development of new solutions that will strengthen our goals towards financial and social inclusion in the Philippines

With a double Master’s degree in Science in Finance and Economics at the University of Southern California and a certificate degree in Artificial Intelligence from the Massachusetts Institute of Technology Computer Science Artificial Intelligence Lab to boot, Domingo is nothing short of a virtuoso in the fields of financial technology, media, telecommunications, health care, manufacturing, and defense. Currently, he is also the director of the Ateneo Institute for Digital Enterprises of the Graduate School of Business.

For more information about the company and this article, please visit www.ubx.ph.

About UBX

Originally the financial technology venture studio and fund of UnionBank of the Philippines, UBX is now the Philippines' leading Open Finance platform. 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. For partnerships, email us at hello@ubx.ph. 

 

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. 

UBX’s SeekCap Named 2020 BAI Global Innovation Awards Finalist

"Now more than ever, MSMEs play a critical role in revitalizing the Philippine economy. Yet, MSMEs are acutely affected by access to credit and working capital, which has been further impacted under COVID where manual and paper-based lending practices are difficult and often impossible. With a fully digital experience and quick approvals, SeekCap addresses this gap. MSMEs don't even need a bank account to apply. UBX is honored by BAI's recognition of our mission to provide opportunity and access for all" ~John Januszczak, UBX President and CEO

UBX’s SeekCap Named 2020 BAI Global Innovation Awards Finalist

UBX’s SeekCap has been selected as a finalist in the Societal and Community Impact Innovation category for the 2020 BAI Global Innovation Awards, a prestigious awards program that recognizes financial services organizations that have gone beyond the conventional to bring creative ideas to life, especially during a time of unprecedented change. 

The 2020 BAI Global Innovation Awards finalists represent the most distinctive, impactful solutions in the global financial services industry, and UBX, the fintech spinoff of Union Bank of the Philippines, was selected from hundreds of nominations submitted.  

UBX’s SeekCap is the Philippine's first same-day approval loan marketplace for MSMEs in the country. Through SeekCap, multiple banks and lending institutions can swiftly create and launch loan products on the marketplace, thereby allowing MSME borrowers to choose what loan product best suits their business needs and apply for loans digitally and seamlessly on a single platform. Loans are approved on the same day and disbursed within three working days. This is a drastic improvement in the turnaround time for traditional loan application processes in the country that usually take 30 to 90 days. 

MSMEs who were previously unable to get access to financing because of being ‘thin-file’ or not having the bank statements and long credit history to show as proofs, can now be financially included. This is because SeekCap goes beyond traditional means and leverages alternative data sources to assess their creditworthiness. 

This solution was built by UBX together with OneConnect Financial Technologies to provide an end-to-end digital lending marketplace that allows MSMEs to quickly 'seek capital' - search, compare and apply for credit digitally and seamlessly, and enjoy fast approval within a day. SeekCap is a play on the Filipino word 'sikap' which means perseverance, diligence, and hard work.   

Since its inception in 2011, the BAI Global Innovation Awards recognizes industry leaders from all regions of the world. It showcases what these innovators are doing to deliver new value to customers and employees, as well as to improve efficiencies and profitability for their organizations. To learn more about the BAI Global Innovation Awards and all of the finalists, please visit BAIGlobalInnovations.com.