UBX,  an open finance platform, has tapped global top insurance company PGA Sompo Insurance Corp. (PGA Sompo) to beef up its customer protection mechanism through personal cyber insurance. 

UBX will serve as the principal policyholder for its end-users who are covered by the group insurance. According to UBX, customers are guaranteed financial protection against electronic fund transfer fraud, identity theft, online retail fraud, purchase protection, and other cybersecurity-related threats. 

This serves as an additional safety measure on top of the existing safety and security layers that UBX has deployed for its customers.

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“While the use of technology in finance has grown exponentially these past few years, security threats have increased as well,” said John Januszczak, president and CEO of UBX. “The trust and confidence of our clients are two of our most prized assets and we are committed to ensuring the safety of our users, most especially their financial security. Together with PGA Sompo, we can confidently give them peace of mind in using our open finance platform.”

This cyber insurance covers all end users of UBX platforms such as i2i, the banking-as-a-service platform of UBX; BUx, an end-to-end payment solutions platform; and Sentro, an online shop builder. 

“More than just giving them the technology to enhance their operations, we want to make sure that businesses, organizations, and financial institutions are protected from external threats as they undertake their journey towards digital transformation,” said Marc Gorospe, business lead for Insurtech at UBX.