Union Bank of the Philippines (UnionBank) has officially opened Open Finance Innovation Hub, a first-in-industry program that will provide an open digital ecosystem for innovation and co-creation in the country.

The Fintech Business Group of UnionBank launched its Open Finance Innovation Hub at the UnionBank Innovation Campus in San Pedro, Laguna. This program promotes open innovation by offering a digital ecosystem that breaks down silos and encourages trust and collaboration.

The Open Finance Innovation Hub provides a platform where various organizations can work together, learn from each other, and create cutting-edge solutions that will drive progress and transformation in the fintech industry.

“Overcoming the challenges of open innovation requires a willingness to foster a culture of collaboration, to overcome the silo mentality that often inhibits innovation,” said Erika Dizon-Go, group head of Fintech Business, UnionBank. “It requires us to build trust and relationships, because trust is required between partners, which can be built through effective communication, transparency, and a mutual understanding of the end goal.”

Capacity building

The first phase of the Open Finance Innovation Hub starts with a 12-week capacity-building program for start-ups, incubators & accelerators, and venture capitalists to create the innovation ecosystem.

The second phase consists of creating an open-source platform. In this space, collaborators from different industries can publish and consume problem statements, data, and models, becoming the perfect tool to co-create new ideas for innovation.”

“Innovation is in UnionBank’s DNA, and this is why we created this space, to bring together the enthusiasts and experts from different industries, put our heads and minds together, and create ideas and solutions,” said Michelle Rubio, chief human resource officer, UnionBank. “Open innovation matters more now because there is really a need to drive progress and transformation not just in our business, but society in general.”