Union Bank of the Philippines’ (UnionBank) fintech arm UBX is once again recognized as the Fastest Growing Fintech Company in Southeast Asia for 2021 by the Global Banking and Finance Review, a leading online and print finance publication
In 2018, UnionBank spun off its fintech venture studio and fund, which is now UBX, as part of the bank’s efforts to reinforce financial inclusion in the Philippines. The venture, according to UnionBank, is to be able to create opportunity and access to financial services for everyone by designing solutions for digitally and financially underserved communities.
UBX enables clients to experience fintech services that are effortlessly integrated into the activities and experiences that really matter to businesses and people.
UBX’s payment network i2i digitally enables financial institutions and other community-based financial service providers. Amid the COVID-19 pandemic, i2i built its Mobile ATM that brings ATM services to the community while also providing an additional source of income to businesses. Reducing travel and bringing cash distribution closer to home means safer access to funds while saving ATM customers time and money.
Based on UBX’s data, the monthly i2i Mobile ATM volumes rose 3,000% in the last six months of 2020. In 2021, i2i acquired over 1,500 new financial service providers and agents to the network via a joint venture with the Irish financial services technology giant Fexco.
UBX also has SeekCap, an online lending marketplace, which has the capacity and capability to facilitate lenders in scaling their lending processes through innovative technology, as well as enable business owners to access credit digitally with faster turnaround time and less hassle. Application, processing, and disbursement are purely digital. According to UBX, to date, over 40,000 MSMEs have registered on SeekCap and the marketplace has processed over P2 billion worth of business loans.
As e-commerce sites grow in popularity, most Filipinos are shifting to online payments and going digital when it comes to shopping. UBX’s Bux and Sentro solutions empower both merchants and consumers through technology.
BUX is UBX’s end-to-end payment gateway for all businesses, from the smallest casual seller to the largest enterprise. With over 100,000 businesses signed up, it continues to grow during this pandemic. Recently features launched include Universal QR code, digital checkout, and Shopify integration.
The country’s first free online Shop Builder, Sentro, celebrates its first year of delivering an all-in-one e-commerce platform for Filipino business owners to jump-start, operate, and grow their enterprises. To date, it powers over 30,000 merchants across the country. Facebook Business Shop owners can link their stores to Sentro. This enables them to convert their stores from a marketing outlet to a full-fledged e-commerce store. Within minutes, Facebook Shop business owners can automatically accept payments, handle orders, and book deliveries through Sentro from their supercharged Facebook Shop.
UBX also has QLABS, a one-stop-shop for web, mobile, and platforms design and development. It co-creates solutions for businesses, powered by a team equipped with full-stack development capabilities and end-to-end services. QLABs developed Pera Hub’s mobile application to implement their bill payments feature. This allows customers to use the Pera Hub application to pay bills to over 3000 merchants. UBX is the gateway to fintech in the Philippines.