UBX, an open finance platform by Union Bank of the Philippines, has been tapped to digitize the microloan processing of Kabalikat para sa Maunlad na Buhay Inc. (KMBI), a microfinance non-government organization that advocates for the integral transformation of the lives of low-income families.

With the partnership, UBX’s portfolio venture BUx, a payment gateway, has digitized the processing of payments for microloans, making it convenient and secure for members of KMBI to pay their loans with a variety of options: online banking, e-wallets, and over-the-counter at select payment partner outlets.

“Open finance is all about making a concrete difference in people’s lives,” John Januzczak, president, UBX, said in a media release. “Our UBX team is connecting microfinance institutions to the Philippines’ largest payments network through our Open Finance platform. What this really means is making loans easier to collect, more convenient for borrowers to pay, saving everyone travel and money so they can spend more time with their families and focus on their businesses.”

Fintech firm UBX doubles workforce to drive more innovations
UBX, Oh Crop! introduce sustainable agri financing to Adlai farmers

Women entrepreneurs

KMBI has been providing Filipino women micro-entrepreneurs to have access to loans, insurance, and capital build-up for 36 years. To date, over 100,000 women all over the country have benefited from its microfinance operations.

The NGO offers both group loans and individual loans. Its Group Loan program helps existing micro businesses in their expansion and development by granting them loans with below P50,000 additional capital requirement. On the other hand, it grants loans to individuals to assist them with additional working capital to expand and develop their own businesses.

Driven by its commitment to providing finance for all, UBX connects financial institutions – even the smallest of players – to the largest payment networks in the Philippines through its Open Finance Platform.