Union Bank of the Philippines (UnionBank) has become the first Philippine partner to become part of Visa’s FinTech Fast Track program as a BIN (bank identification number) sponsor.
This will allow UnionBank to work with fintech companies and help them gain access to the same global payment technology, expertise, and revenue opportunities as they would if they were a direct card issuer with Visa.
“We will collaborate with UnionBank to identify fintechs that can create relevant payment programs to reach out to the underserved segments and leverage on the untapped opportunities for digital payments in the country,” said Dan Wolbert, country manager for the Philippines, Visa. “This will enable us to create relevant payment solutions to enable the movement of funds seamlessly and securely and engage the vibrant fintech community in the Philippines.”
The Visa Fintech Fast Track program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences. It provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases.
“Through our partnership with Visa and their Fintech Fast Track Program, Fintechs in the Philippines can leverage on UnionBank’s EON product to provide Visa cards to their base and make use of EON APIs to integrate this with their platforms and apps,” said Ana A. Delgado, chief customer experience officer, chief digital channels officer, and head of the Fintech Business Group, UnionBank. “This is in line with our aim to digitally enable UnionBank customers through our partnerships with industry leaders and our own innovative banking solutions.”