Union Bank of the PhilippinesBusiness

UnionBank’s fintech arm revenues grow 5x in 2021

UBX, the financial technology arm of Aboitiz-led Union Bank of the Philippines, reported that its revenues ballooned five times last year, reaching an annual gross transaction value of P20 billion.

Leveraging its open finance platform, UBX served over 200,000 business-to-business customers, partnered with more than 2,000 independent banking agents and 250 financial institutions. Open finance enables interoperability among different financial institutions by making data more accessible and portable.

“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,” said John Januszczak, president and CEO, UBX.

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UBX announced the opening of its Singapore office last quarter of 2021 aiming to expand its footprint in Asia.

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.

Digital solutions for businesses

A banking-as-a-service solution, i2i brings financial services to underserved communities through its network of financial services providers.

SeekCap is a digital lending marketplace developed for micro, small, medium-sized enterprises who need access to credit to run and scale their businesses.

Bux 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 over-the-counter locations, including 7-Eleven and LBC, debit and credit card payments as well as wallet payments via GrabPay and GCash.

UBX said it is committed to continually 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.

“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,” Januszczak said.