UBX, Union Bank of the Philippines’ fintech venture studio and fund, expands its operations in Singapore to further its vision of invisible banking in Asia. The new Singapore headquarters will serve as the bridge for startups that would like to enter the Philippine market by partnering with UBX.
“Expanding reach within Asia continues to be an important focus for UBX,” said Cyrus Cruz, country head, UBX Singapore. “We are thrilled to further extend our presence in the region, starting with Singapore, known as the main regional fintech hub of upcoming start-ups and great talents in Asia. UBX has strategically set up an office here to contribute to, and benefit from the established ecosystem. This will not only expand our network, but it’ll also help us learn from different companies in the country.”
UBX ventures are experiencing significant growth fueled by the coronavirus pandemic. For instance, SeekCap, UBX’s digital lending platform in the Philippines, processed over $60 million worth of business loans for MSMEs just one year after its launch. While i2i, UBX’s banking-as-a-service platform, had a 3000% monthly volume increase for its portable Mobile ATM services in 2020.
UBX invests in early-stage startups that add strategic value to the UBX and UnionBank network. UBX’s portfolio focuses on various in-demand solutions ranging from banking and payments to lending and e-commerce categories created for individuals and businesses.
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