Keep the FLAMES burning this Valentine’s Day and protect yourself from scammers

Remember the FLAMES—Friends, Lovers, Anger, Marriage, Engagement (Enemy for some), Soulmates—game in the 90’s? It was a popular pen and paper pastime among young teens. They would name their ‘crush’ and be able to ‘predict’ their future by playing with the letters that make up the name.

Fast forward to this day and age, “FLAMES” can guide adults and teens alike. But this time on a more serious note.

The Bank of the Philippine Islands (BPI) presents a ‘FLAMES’ way—of protecting against scammers. 

“No one can really predict when and how a scammer attacks. We must always be careful not to fall for their schemes. This Valentine’s Day, everyone must be vigilant. Remember, cybersecurity is a shared responsibility.” ~Jonathan John B. Paz, BPI Enterprise Information Security Officer and Data Protection Officer

BPI’s ‘FLAMES’ reminder consists of simple cybersecurity tips that account holders can do to keep their accounts safe and secure especially this Valentine’s Day:

• F-riends? Family? It is better to keep confidential details like your PINs and passwords a secret (even) from them.
• L-ove to share your latest updates online? This is okay but be sure to set boundaries. Avoid oversharing, especially on social media, for your and your loved ones’ safety. 
• A-nger, excitement, and curiosity are some of the most common emotional trigger's scammers latch on to for their social engineering scams. Too much of these feelings can also be used as bait to manipulate you. 
• M-arriage between online and offline cybersecurity practices is a good habit to develop. It is not enough to be careful with your actions online only but not offline, and vice-versa.
• E-ngage only with trusted accounts. When planning to use e-commerce, do background checks first and read reviews about the sellers or product. Legitimate Facebook pages have the blue verified badges on them.
• S-oulmate? One-True Pair. Just like them, take care of your One-Time PINs (OTPs) as well by never sharing them with anyone.

BPI launches new app for a future-ready banking experience

Photo shows (from left): TG Limcaoco, BPI President and CEO; Mariana Zobel de Ayala, BPI Consumer Bank Marketing, Platforms, & Digital Activation Head; Ginbee Go, BPI Executive Vice President and Consumer Banking Head; and, Fitz Chee, BPI Platforms Business Head

The Bank of the Philippine Islands (BPI) launched a totally new and future-ready mobile app with innovative features and services that go beyond convenient transactions and help more Filipinos work their way towards financial well-being. This reinforces the bank’s solid footing as a digital banking leader in the country.

“We’re proud of the new BPI app, and we know there’s room to continue improving. While we look at the best technology and digital solutions to ensure that we deliver excellent service, we anchor the designed experiences to what our customers need. Customers are looking for banks that can serve them well. We assure our clients that BPI will continue to constantly change with the times to meet their evolving needs.” ~Mr. Jose Teodoro "TG" Limcaoco, BPI President and CEO

Mr. Jose Teodoro "TG" Limcaoco, BPI President and CEO

According to Maria Cristina “Ginbee” Go, BPI Head of Consumer Banking, the new BPI app is key to the bank’s “phygital” approach to make the bank accessible to more Filipinos through physical branches, and digital channels and platforms.

“Our customers have the option to bank with the app in tandem with BPI branches and ATMs—giving them a choice of their preferred channel with integrated services like online booking of branch visits or cashless withdrawal.” ~Ms. Maria Cristina “Ginbee” Go, BPI Head of Consumer Banking

Ms. Maria Cristina “Ginbee” Go, BPI Head of Consumer Banking

Getting into the core features of the new app, BPI Consumer Bank Marketing, Platforms, and Digital Activation Head Mariana Zobel de Ayala emphasized that the new app goes beyond everyday transactions and helps build towards Filipinos’ financial independence.

Ms. Mariana Zobel de Ayala, BPI Consumer Bank Marketing, Platforms, and Digital Activation Head

“This boasts of a new design and experience, and we look forward to exciting new features that you won't find in the older BPI Mobile app like mobile check deposit, AI-powered insights on your savings and spending, and more. These are core retail products designed not just to be convenient and sustainable but also customer-centric even in the long-term.” ~Ms. Mariana Zobel de Ayala, BPI Consumer Bank Marketing, Platforms, and Digital Activation Head

 

Photo shows (from left): TG Limcaoco, BPI President and CEO; Mariana Zobel de Ayala, BPI Consumer Bank Marketing, Platforms, & Digital Activation Head; Fitz Chee, BPI Platforms Business Head; and, Ginbee Go, BPI Executive Vice President and Consumer Banking Head

The new BPI app highlights the following features: 

Improved User Experience
Users can get things done in fewer taps, with top transactions that are easier to access upon login and faster to finish. Help links are now found within transaction processes for easier access to guides and FAQs.
 

Online Account Opening
New clients can open a BPI #SaveUp account on the app within five minutes with just one ID. They can instantly start banking via the app.
 

Personal Finance Management (Coming in May)

BPI will be the first bank app to feature AI-powered tracking and insights. The app will offer financial advice, payment reminders, and actionable tips to help millions of Filipinos improve their financial wellness.

Other exciting features that are coming soon are mobile check deposit, real-time bill payment, cash withdrawal via QR, save favorite transactions, and more product applications.

Old to New
BPI Consumer Platforms Head Fitzgerald Chee pointed out that BPI Mobile app users do not have to delete their old app yet. He also explained that QR codes generated on the older BPI Mobile app are still going to work on the new BPI app. 

“You can continue to log in the older BPI Mobile app with your current username and password. Users that want to start enjoying the new BPI app can find easy-to-follow guides on our Facebook and YouTube channels. You can also view all your personalized settings, previous transactions, and statements right away on the new BPI app. For your security, the Mobile Key works within the new BPI app or the older BPI Mobile app. Users can choose which app version to activate their Mobile Key.” ~Mr. Fitzgerald Chee, BPI Consumer Platforms Head

Mr. Fitzgerald Chee, BPI Consumer Platforms Head

All these form part of the bank’s goal to further enable high-quality customer experiences in line with one of its core values to be a customer-centric organization. 

The BPI App is now available for download on the App Store and on Google Play <link to: https://bpi.onelink.me/Lrdg/appstore>.

“May BPI dito! May BPI kahit saan!” Shopping and Banking, all in one place with BPI and Lazada

BPI President and CEO TG Limcaoco; Lazada CEO Carlos Barrera; BPI Agency Banking Head, Rally Jereza

Blazing yet another trail in Philippine banking, the Bank of the Philippine Islands (BPI), in partnership with Lazada, launches the official BPI Flagship Store in LazMall.

The first-of-its-kind partnership between the Philippines’ oldest bank and one of the largest e-commerce operators in Southeast Asia delivers the most sought-after products of BPI through the platform. With this initiative, Filipinos who want to open a deposit account, apply for a credit card, or avail auto, housing, and personal loans may do so wherever they are. 

“We envision our partnership with Lazada as a stepping stone in BPI’s strategy – extend the Bank’s reach and presence, and provide access to our products and services to more Filipinos. We started with the core products of the Bank: #SaveUp, credit cards, and auto, housing, and personal loans, but we intend to expand both the BPI products available in our Lazada Flagship Store and our distribution partnerships, be it physical or digital.” ~Jose Teodoro K. Limcaoco, BPI President and CEO

BPI CEO and President, Teodoro Limcaoco

Shopping and banking in the BPI Flagship Store feel intuitive as it follows the usual purchasing process in the platform. Filipinos can now “add to cart” and buy BPI products in Lazada the same way as they would a new pair of shoes or a fresh stock of their essentials. The easily accessible 5-step application process for these products is also coupled with rewards in the form of Lazada gift cards once applications are either approved or booked.

Lazada Philippines CEO Carlos Barrera

This initiative is part and parcel of BPI’s promise to expand its products and services to more Filipinos. Alongside more than 750 branches and over 2,000 ATMs of the Bank and the rapid evolution of mobile banking technology, partnering with platforms like Lazada expands the reach of the Bank and opens more access points for Filipinos to avail of banking products and services.

Through its Agency Banking Group, BPI aims to change the way Filipinos bank by integrating banking in their daily lives through new channels. By supplementing its traditional brick-and-mortar branches and its robust online channels with established agent stores that are convenient stops for Filipinos, BPI will ultimately redefine the standard of convenience and accessibility in banking.

"We trust that, through the Agency Banking model, Filipinos will be able to bank the way they want to, wherever they are, giving them their channel of choice. Banking will be naturally integrated in their daily lives – from buying medicine in the nearest drugstore to online shopping in Lazada, BPI will be there.” ~Rally Jereza, Head of BPI Agency Banking

The pioneering partnership of BPI and Lazada seeks to provide value to both BPI and Lazada customers by integrating shopping and banking, all in one place. With more groundbreaking partnerships to look forward to, BPI Agency Banking’s battle cry rings loudly: “May BPI dito! May BPI kahit saan!”.

BPI shares six ways to do a digital clean up

Sharing personal data may be inevitable when we do various online transactions. However, it is best if we make it a habit to wipe clean the digital trail we create as we use gadgets and applications 24/7. 

“Doing so will protect you from identity theft, loss of funds, even damage to your reputation by the use of stolen personal data. Your digital footprint might be there to stay, but you can limit your vulnerability to scammers and fraudsters. Consider these tips to keep your personal information safe from their craftiness that grow by the year. Make digital clean-up a habit today.” ~Jonathan John B. Paz, BPI Enterprise Information Security Officer and Data Privacy Officer

To protect your privacy and avoid being a fraud victim, here are six ways to do a digital clean up:

1. Delete your personal data from old devices before disposing, reselling, or donating them. For computers, use a disk cleaning software to permanently delete information. For smartphones and tablets, do a factory reset. For other devices, in addition to doing a hard reset, remove hard drives and memory cards, if any. 
2. Secure your smartphones by uninstalling apps that you do not need because they not only waste energy but could also be exploited to leak information. Clear storage space of files and remove duplicates—check for downloads, media files, and messages that you do not need anymore. 
3. Deactivate or close the accounts you registered in the apps before uninstalling them. Purging those that you no longer use is a good way to minimize your digital footprint and lessen the likelihood of data leakage. Think twice before installing an app and creating an account, and ask yourself if it will serve your purpose. Do not reuse passwords across online services, especially passwords that you use for online banking.
4. Do a digital clean up of your computers to prevent data from loosely lying around. Delete all files that you no longer need and organize those you will keep. Uninstall unused programs. Uninstall unimportant web browser extensions that you might have inadvertently enabled. Clear your cache to delete personal information you may have used in answering online forms.
5. Organize your email inbox by categories: promotions, chat message notifications, social media notifications, past events or announcements, etc. Be cautious in sharing your email address and make a note to whom you do. Unsubscribe from newsletters that no longer serve your purposes. Reply to new emails at once so they don’t pile up.
6. Use your social media accounts wisely to prevent scammers from harvesting your personal information. Review your privacy settings and enable multi-factor authentication wherever available. Delete old and unused accounts. Delete posts that reveal too much of yourself or are not relevant anymore. Do not overshare. Be cautious of what or with whom you engage online.

BPI enables easy way to send donations digitally

 

For Filipinos, the rainy season has become synonymous to calamities such as typhoons, severe flooding, and landslides. One super typhoon alone – like Odette in December 2021 – can lead to the deaths of dozens of people, the displacement of thousands, and the widespread destruction of buildings and vital infrastructure across cities and provinces in the Philippines. Located along the ring of fire, the country is also vulnerable to havoc-wreaking volcanic eruptions and earthquakes.

Therefore, in the event of a disaster, people need to come together quickly and help those in need. To address this issue, the Bank of the Philippines Islands (BPI) this September made it possible for anyone to provide instant assistance to those who need it most, when they need it most. A new feature in his BPI Online and his BPI Mobile app called eDonate now allows users to digitally donate to charities and foundations that can help thousands of marginalized Filipinos.

“The goal of the donation facility is to make helping and caring for more people more convenient and accessible. We are helping empower our clients to support charities and advocacies they believe in by providing them a centralized online portal to send financial support safely, easily, and free of charge. With this new digital service, we hope to further spark the bayanihan spirit of our kababayans and inspire them to be socially conscious and to give back to communities, particularly those devasted by typhoons, volcanic eruptions, earthquakes, and other catastrophes. We are also launching this in time for the ‘ber months’ – the widely known start of the holiday season in the country, which is indeed a time for caring and sharing. The donation facility provides our clients an easy and error-free option to send help without the need to enroll the beneficiary or key in an account number.” ~Noel Santiago, BPI Chief Digital Officer

Customers can now send donations to 10 charities through BPI's eDonate service. These include Asia World Center for Mission, Ayala Foundation, Caritas Manila, CBN Asia, Friends of Hope, Jesuit Communication Foundation, Operation Blessings Foundation, Save the Children, TV Maria Foundation and WWF Philippines.

More charities and foundations are in the pipeline, according to Santiago. 

Send donations conveniently

All clients with BPI Online credentials can use the new digital service simply by going to the BPI Mobile app, swiping up, tapping “BPI eDonate,” and following the steps indicated in sending a donation. Likewise, the service can be accessed directly by visiting https://bpiedonate.com/.

Once a transaction is completed, eDonate gives donors the option to request an official receipt of donation. The user can simply send a request to the charity or foundation using the email address provided in the email confirmation. 

For more information, you may visit  www.bpi.com.ph. 

ABOUT BPI

The 170-year-old Bank of the Philippine Islands is the first bank in the Philippines and Southeast Asia. We are licensed as a universal bank by the Bangko Sentral ng Pilipinas to provide a diverse range of financial services: deposit taking and cash management, payments, lending and leasing, asset management, bancassurance, investment banking, securities brokerage, and foreign exchange and capital markets. BPI has significant financial strength, with robust Tier 1 capital adequacy ratios and profitability, underpinned by a stringent compliance and risk management regimes. E-mail: Media: mjsilvestre@bpi.com.ph Investors: Investorrelations@bpi.com.ph. Bank of the Philippine Islands l Ayala North Exchange Tower 1, Ayala Avenue corner Salcedo St., Legaspi Village, Makati City 1229 PH l +632 8246 6364l www.bpi.com.ph

Sy receives warm welcome from BPI family

The 31st SEA Games silver medalist and BPI Unibanker Marie Alexis Sy was welcomed with warm cheers as she paid a courtesy visit recently to BPI President and CEO TG Limcaoco at the company’s head office in Makati City.

“The full support of BPI and Ayala Corporation has been really overwhelming. That is why I make sure to find a balance between work and sport to show them that even though I am an athlete, I can still do well at work. I want to give back to the company and my workmates because they supported my bowling career. We want to make you all proud that we are Filipinos. What we have accomplished is not just ours but it’s for the whole country.” ~Marie Alexis Sy, 31st SEA Games silver medalist and BPI Unibanker

Limcaoco said BPI takes pride in Sy’s relentless effort and perseverance in effectively managing her responsibilities as an athlete and as a BPI Unibanker.

“We are immensely proud of Alexis for bringing glory to our country and to BPI. She works a full-time banking job, helping large corporations grow, and at the same time, excels in a sport that requires discipline, strength and mental focus. Alexis earned our respect, and we will continue to support her.” ~TG Limcaoco, CEO and BPI President

Sy is currently a Cebu-based marketing associate under BPI’s Corporate Banking group. 

UnionBank joins PSE Investment Forum 2022, talks crypto as future of banking, finance

Union Bank of the Philippines (UnionBank) Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda joined discussions on digital and crypto assets as the future of financial investments at the recently concluded PSE Investment Forum 2022.

As the country’s first bank to successfully carry out financial transactions through blockchain, UnionBank attests to the use of the technology in banking securely and efficiently. Blockchain can thus, be applied in a wide array of use cases.

“In fact, one of the very good applications we started with early on, was how to address the problem where rural banks don't have access to one another; and to the basic banking requirements in the industry. We found a cheaper solution, and we gave this to the rural banks in the form of i2i, a platform that allows us to provide them a channel to interconnect with each other. And we wouldn't have been able to do that if not for blockchain, specifically because of its low-cost operations and how easy it is to program. If you follow trends in history, we went from gold to paper, now it's moving toward digital. So, if you go by that trend, everything is going to be digitized form of transactions. It's no longer going to be a transfer of record of value, it will be a digital transfer of value. Yes, but subject to the following. First, keep it to the top 10 coins. Second, it shouldn't be above five percent of your total investible portfolio, meaning it's money that you can afford to lose. And third, do your own research. First, on blockchain technology, it's something that every company should explore. We've proven that it's useful in terms of increasing efficiency in operations, and it's easy to use. Second, as an investment instrument, (crypto or currency based on blockchain) it's in the early stages. If you want to experiment and include it in your portfolio, it's at your own risk. The regulation is still evolving, so treat it as a high-risk instrument and then explore. Hopefully, venues like these where it is discussed, help the regulators form the right risk management framework and policies around it..” ~Henry Aguda, Union Bank of the Philippines (UnionBank) Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer

Asked whether blockchain-based transactions are the future of banking and finance, Aguda agreed. "If you follow trends in history, we went from gold to paper, now it's moving toward digital. So, if you go by that trend, everything is going to be digitized form of transactions. It's no longer going to be a transfer of record of value, it will be a digital transfer of value."

As to crypto being a viable investment, the UnionBank executive answered in the affirmative but expounded.

BPI donates 94 computers to public schools in Muntinlupa

Photo shows, from left: BPI Director Ignacio “Toting” Bunye, BPI Foundation Executive Director Owen Cammayo, Poblacion Elementary School (POBES) Principal IV Dr. Raul T. Felix, Muntinlupa Schools Division Superintendent Dr. Dominico Idanan CESO V, POBES GPTA President Jackelyn Inople, and POBES Faculty President Milagros Barroga during the turnover of computer units in Poblacion Elementary School, Muntinlupa City.

Aligned with its sustainability push, BPI, through its social development arm, BPI Foundation, committed to donating 94 used but functional computer units to four public schools in Muntinlupa City. 

“One of BPI's key business priorities for 2022 and beyond is to champion sustainability. We believe that doing well by doing good is key to building a sustainable and better Philippines. This donation is also our way of supporting our public school teachers and students by providing them additional access to online learning amid these trying times.” ~Owen Cammayo, BPI Foundation Executive Director

For the first leg, 26 desktops and two laptops were turned over to Poblacion Elementary School, which has 144 faculty members and more than 5,000 students, with most of them from relocated families. 

Dr. Dominic Idanan, the Muntinlupa Schools Division Superintendent noted that technology has become an important platform for learning during this time of the pandemic.

“These gadgets can help a lot and contribute to the quality education of our students.” ~Dr. Dominic Idanan, the Muntinlupa Schools Division Superintendent

Meanwhile, the remaining computer units will be distributed to Itaas Elementary School, Muntinlupa National High School, and Pamantasan ng Lungsod ng Muntinlupa in the coming weeks. 

To know more about BPI Foundation, follow its Facebook and Instagram pages and visit www.bpifoundation.org.  

UnionBank clients can now seamlessly do direct cash-in to their Shopee and Lazada wallets!

Surely, buying essentials online has never been this easy! Shopee and Lazada buyers can now easily cash-in, in real time from their UnionBank accounts. Customers also enjoy discounts and added benefits with their online purchases, for every top-up transaction.

UnionBank clients can now do their online shopping more conveniently through the country’s major e-commerce giants Shopee and Lazada -- by directly cashing-in their e-wallets. This new option opens another channel for Bank customers to do their online transactions seamlessly.

This was made possible with the collaboration of tech savvy ShopeePay, Lazada Wallet and UnionBank, combining the power of three digital leaders. 

“These partnerships are timely especially now at a time when e-commerce and cashless transactions are exponentially rising. This ensures Filipinos can participate in the headwinds of innovation and a better, more seamless customer experience as a result.” ~Erika Denise Dizon, UnionBank FVP and Head of Fintech Business Group

Here’s how it works. To cash-in your ShopeePay using UnionBank Online Banking, go to ShopeePay Wallet, select Cash-in, enter the amount, select online banking as the payment method, and choose UnionBank. You will then be directed to the Bank’s online banking to confirm the transaction.

For Lazada Wallet, click the wallet icon on the upper right portion of the homepage. Select the cash-in button, enter the amount, and select “Add UnionBank account” in the Cash-in Methods page. You will then be directed to the Bank’s online banking site for confirmation of the transaction. Then enjoy shopping!

UnionBank UPAY for MSME: Helping level the playing field for the country’s growing number of MSMEs

Union Bank of the Philippines 12th TalkTales: Critical Role of DigitizingPayments in Fast Evolving Market

Filipinos are now utilizing digital payments more than ever. Last month, the Banko Sentral ng Pilipinas reported that digital payments made up 20.1 percent of all transactions in 2020, more than double the figure from two years ago of 10 percent. This strong momentum is creating opportunities particularly for enterprising Filipinos who engage in e-commerce.

To help micro, small, and medium enterprises (MSMEs) in the country capitalize on this growing trend, Union Bank of the Philippines (UnionBank), the region’s digital trailblazer and the country’s foremost bank for MSMEs, has launched a groundbreaking feature that will make e-payments easier and secure not only for customers but also for MSMEs—the new UPAY for MSME.

This was unveiled at the Bank's 12th E-TalkTales media event, wherein UnionBank Vice President and MSME Segment Head Jaypee Soliman, and UnionBank Merchant Acquiring and Payment Gateway Head Gerry Austria led discussions on the critical role of digitizing payments in the country's fast evolving market.

Soliman began the discussions by talking about the state of digital payments in the country, citing the significant growth in the number of Filipinos who utilize these payment solutions. This is an indication that Filipinos are now more open to the idea of becoming a cash-lite society.

Union Bank of the Philippines 12th TalkTales: Critical Role of DigitizingPayments in Fast Evolving Market

Union Bank of the Philippines 12th TalkTales: Critical Role of DigitizingPayments in Fast Evolving Market

Union Bank of the Philippines 12th TalkTales: Critical Role of DigitizingPayments in Fast Evolving Market

Union Bank of the Philippines 12th TalkTales: Critical Role of DigitizingPayments in Fast Evolving Market

“This shows how the consumers are now transacting digitally. They are ready. They are there. The number of Filipinos having e-wallets and bank accounts continue to grow. But the question is, are the MSMEs ready to accept digital payments?"

This is where UPAY comes in. UPAY is a groundbreaking digital payments solution designed to make acceptance of multiple payment options accessible to MSMEs. It offers a fully integrated, single platform payment collection complete with other features that can make inbound payments easier for entrepreneurs, including the option to generate payment links with multiple collection channels, and the option to generate InstaPay QRPH for digital and physical channels.

"UPAY for MSMEs is a payment gateway that is embedded in our MSME Business Banking App. Businesses of all sizes and types now have the power to generate payment links, request payments, send it to their customers and provide multiple payment options, all these reconciled and credited to a single UnionBank account." ~Jaypee Soliman, UnionBank Vice President and MSME Segment Head

Union Bank of the Philippines 12th TalkTales: Critical Role of DigitizingPayments in Fast Evolving Market

What makes UPAY convenient for accepting payments is that customers can choose their preferred payment channel either via Unionbank Online, InstaPay, Other Digital Wallets, Credit/Debit Cards and even over-the-counter through UnionBank’s expansive network of partner channels nationwide.

"When we conceptualized UPAY for MSMEs, we wanted to do away with all the different hassles that the merchant is experiencing to set up his payments, one of which is having to connect to a point-of-sale system, having to have different devices, having to have to download different apps. Second, it's the efficiency in doing business. You don't need to be in your physical store to actually have a customer pay you. You can actually be vacationing somewhere else and someone wants to buy a product which they saw through your post on Instagram or Facebook. You can actually just create a payment link and send it to that customer, so it's very convenient for both the merchant and the customer." ~Gerry Austria, UnionBank Merchant Acquiring and Payment Gateway Head 

Through the new feature, UnionBank wants to level the playing field for MSMEs by making the feature accessible to them, which was previously only available to the bigger merchants as part of enterprise platforms that are too technologically demanding and expensive for smaller players.

For more information about the company and this article, please visit

www.unionbankph.com/msme/upay.

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

Union Bank of the Philippines (UnionBank) recently created the country’s very first mass retail banking hub, aimed at providing support specifically to micro, small, and medium enterprises (MSMEs) in the country as part of the Bank’s goal of enabling inclusive prosperity amid the current global health crisis.

Mr. Manual G. Santiago, Jr., UnionBank’s Chief Mass Market, and Financial Inclusion Executive

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

The hub, a consolidation of all entrepreneur-centric solutions offered by UnionBank, will provide a one-stop center for resources that MSMEs might need in order to support their businesses regardless of sizes—such as financing, logistics, and a buyer-seller network, to name a few—all made accessible to mass-market customers.

“I think the definition for SMEs is much more defined where we're really looking at micro, small, and medium enterprises. So, these are your businesses with, for micro, 3 million in capital, and then you have 15 million for small, and for medium, it's about a hundred million in capital. It's a large market and we think this is a segment that needs attention at this time, and we're putting our efforts into that. We've seen that in the way they apply for loans. You would think that because you have loans available that people are going to flock and apply,” Santiago said. “In fact, even those existing loans that we have that have reached the renewal stage, MSMEs would even say 'can you renew that at half the amount only, and I will just come back to you when things are better? It's a good thing because it shows a sign of maturity, and you know, in this time, you can't be very aggressive. You really need to think about your next steps to be able to survive this crisis.” ~Mr. Manual G. Santiago, Jr., UnionBank’s Chief Mass Market, and Financial Inclusion Executive

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

This was one of the topics at UnionBank’s E-Talk Tales last February 17, wherein UnionBank’s Chief Mass Market and Financial Inclusion Executive Manual G. Santiago, Jr. focused on how the Bank addresses the typical pain points encountered by entrepreneurs, especially during the pandemic.

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

Santiago began the discussion by first explaining what the hub’s target market is, which he defined as “the middle-middle income level going down” which is also a mix of banked, underbanked, unbanked customers.

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

According to Santiago, UnionBank estimates this market at about 50 million customers, with the majority of them being in the lower-income segments. In addition, about 60 percent of this customer market classify themselves as self-employed entrepreneurs. 

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

Santiago noted that a lot of entrepreneurs today are very careful about their decisions when it comes to their businesses, as a result of the uncertainties brought about by the current health crisis. This “wait and see” mindset is evident even in those who have immediate access to financing.

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

With its vision of empowering SMEs through digital initiatives, UnionBank has already laid a lot of groundwork even before the pandemic to address SME challenges.

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

UnionBank Business Loan via UBX SeekCap, an online Loan Marketplace where business owners and SMEs may easily browse short-term business loan products and apply digitally. SeekCap allows SMEs to get approval within hours.

UnionBank Business Loan via UBX SeekCap, an online Loan Marketplace where business owners and SMEs may easily browse short-term business loan products and apply digitally. SeekCap allows SMEs to get approval within hours.

The Bank has also created the SME Business Banking App, an online platform that enables SMEs to manage their financial transactions by facilitating all business payments with the most extensive list of government and utility billers, transferring funds to both local and international banks, customizing complex business approval flows, enrolling all companies and subsidiaries in a single-login setup, and opening and managing payroll accounts for their employees, among others. 

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

To know more about UnionBank's digital initiatives, visit https://www.unionbankph.com/