UnionBank announces new leaders for CitySavings, UnionDigital

Ana Aboitiz Delgado has been appointed as the new Chairman of the Board of the thrift bank subsidiary of Union Bank of the Philippines (UnionBank), according to City Savings Bank (CitySavings).

Delgado is UnionBank's Senior Executive Vice President, Chief Digital Channels Officer, and Chief Customer Experience Officer simultaneously. Delgado was the driving force behind UnionBank's transformation and redesign of its branches to the Ark, which improved the customer experience in physical premises, and he made significant progress in expanding the digital customer base of UnionBank through its UB Online mobile app. In addition, she was instrumental in negotiating the landmark acquisition between UnionBank and Citibank N.A.

Lorenzo T. Ocampo was named Vice Chairman and CEO of CitySavings alongside Delgado, and Manuel G. Santiago Jr. was named President and Chief Operating Officer of the thrift bank.

Henry R. Aguda, the former CitySavings Chairman and Chief Technology and Operations Officer and Chief Transformation Officer of UnionBank, succeeds Ramon Vicente De Vera as President and Chief Executive Officer of UnionDigital. De Vera will be in charge of the Bank's new market expansion role.

“These leadership appointments are key to taking both CitySavings and UnionDigital to the next level of digitally-driven growth and scale, towards our aspiration to be a Great Retail Bank.” ~Edwin R. Bautista, UnionBank President and CEO 

As UnionBank's Chief Technology and Transformation Officer, Aguda was a key player in the pioneering digital transformation. By utilizing data science credit-scoring and acquisition models, CitySavings accelerated the approval of teacher and motorcycle loans during his tenure as Chairman, expanding its reach into mass and underserved markets.

Industry heavyweights share their expertise at 3-day MSME Fiesta Sulong Negosyante

ICSB & UnionBank-powered event focused on empowering entrepreneurs through knowledge-sharing.

The International Council for Small Business Philippines (ICSB PH) and Union Bank of the Philippines (UnionBank) recently held a three-day conference and expo for micro, small, and medium enterprises or MSMEs to empower the entrepreneurs and enable them to thrive in the digital economy. The event was held at the Resorts World Manila in celebration of the United Nations' (UN) International MSME Day, observed annually every 27th of June.

Prior to the fiesta, several experts from the public and private sectors as well as the academe gathered at The Sheraton Hotel for a panel discussion that tackled the most pressing issues concerning the MSME industry.

On day one, keynote speaker Sen. Sherwin Gatchalian stressed how important it was to hold activities such as the Sulong Negosyante giving attention and recognition to MSMEs. Being an entrepreneur himself, he shared valuable learning.

“We need to keep on innovating. We need to keep on finding new products and new services. We need to adapt.” ~Sen. Sherwin Gatchalian, Keynote Speaker

Asian Institute of Management President and Dean Dr. Jikyeong Kang; Mansmith and Fielders Inc. Chief Marketing Strategist Josiah Go; and Wong + Bernstein Advisory Group Managing Director Prof. Enrique Soriano led the discussions on the importance of lifelong education and training for MSMEs.

Other presenters focused on digital and media, supply chain and delivery, research, as well as the UN’s Sustainable Development Goals (SDGs) and good governance.

Department of Foreign Affairs (DFA) Assistant Secretary for American Affairs Jose Victor Chan Gonzaga talked about how they and other government organizations put in effort to promote Filipino MSMEs globally. Asian Consulting Group's Founding Chairman and Chief Tax Adviser Raymond Abrea highlighted the significance of practicing good tax management. 

UnionBank's SME and Micropreneurs Segment Head Jaypee Soliman touched on understanding the needs and challenges MSMEs face to be able to help them succeed. He pointed out the necessity for entrepreneurs to prioritize.

“We need to identify the things that we have to continue doing and the things that we need to start doing. We have to stop thinking we are the solution, but start engaging MSMEs and collaborate on how we can be a solution for them. At UnionBank, we know how critical knowledge-sharing is to ensure that our MSMEs are able to thrive in the digital economy. This is one of the reasons we organized this event together with ICSB. We want our attendees to learn from the best, so they can be at their best in their businesses.” ~Jaypee Soliman, UnionBank's SME and Micropreneurs Segment Head 

 

Philstar Media Group Executive Vice President Lucien DyTioco’s talk was on why Filipinos should support local businesses. For his part, Airspeed Express President Rick Cruzado explained the role of delivery and logistics in today's digital economy, while Hotbox Philippines Founder Romeo Joven shared about innovation using his company's self-heating box meal product as an example.

Synergy Market Research and Strategic Consultancy President Germaine Reyes discussed consumer behavior and its relation to sustainable businesses and products. To cap off the presentations, Avanza Inc. President Yayu Javier talked about sustainability and the need for MSMEs to consider aligning their goals with that of UN's 17 SDGs.

For day two, Department of Trade and Industry Assistant Secretary Mary Jean Pacheco presented the current MSME landscape in the country. UnionBank's Head of Merchant Acquiring and Payment Gateway Gerry Austria focused on the various digital banking solutions offered by UnionBank to MSMEs, while Aboitiz Foundation's Program Manager for Enterprise Development Gero Torres outlined how the Aboitiz Group has been helping MSMEs become more digitally capable.

On day three, PLDT Enterprise Head of Small and Micro Business Armie Sason underscored the value of digital business tools and reliable business internet connectivity; Insular Life Head of Customer Relations Mia Gonzales shared the benefits of taking care of employees to improve business productivity; and UN Women's Consultant for Women's Empowerment Principles Jen Dingalan enlightened entrepreneurs with the need to build a business that works for women.

Continuing the discussions for day 3, Intellectual Property Office of the Philippines' Assistant Division Chief Emmelina Masanque gave an overview of the intellectual property system for MSMEs and startups; Globe Business ICT Portfolio Marketing Director Anne Leonardo touched on digital transformation for MSMEs through ICT solutions; and finally, UnionBank's Chief Information Security Officer Joey Rufo provided MSMEs tips on how they can stay #CyberSure.

ICSB PH and UnionBank target to pursue the Negosyante MSME Fiesta events on an annual basis. Stay tuned for the next leg of events!

The future of business is OPEN: UnionBank discusses how Open Banking will drive the digital economy

Open banking and open finance are two models that are now slowly taking over the financial sector, with the promise of revolutionizing banking and financial services like never before and acting as "a catalyst for the new wave in financial innovation."

This was the main point of discussion during the 14th edition of Union Bank of the Philippines' (UnionBank) virtual roundtable series E-TalkTales, which took place last June 28 via Zoom. The event was led by UnionBank's Fintech Business Group Head Erika Dizon as its main speaker. 

In her presentation, Dizon explained that while open banking and open finance may differ slightly from each other—the former promotes data sharing on banking services, while the latter promotes data and capability sharing across the financial sector—the goal is the same, which is the creation of an open ecosystem.

An open ecosystem, she said, provides numerous benefits, including seamless data access and sharing, more opportunities for cooperation and collaboration, and most importantly, unprecedented customer-centricity. All of these point to the potential of the movement to completely change the way people see banking and finance.

Dizon listed down a few examples of how the open finance movement can positively impact different sectors of society. For service providers, it can inspire innovation and create new revenue streams. For businesses, it can promote increased transparency and operational efficiency. For customers, it can help enable better personalization, and in turn more meaningful experiences. 

Dizon also named several pillars supporting open banking, namely, (1) regulatory push for frameworks built on principles of consent, interoperability, and collaboration; (2) heightened expectations coming from the digital and modern social experiences that are redefining banking and finance; (3) competition especially with the emergence of non-traditional players; and (4) infrastructure, which is increasingly becoming more reliant on application programming interfaces.

“All of these factors are coming in to play and have triggered the open banking and open finance movement and the beginning of the unbundling of the traditional banking models. We understand that some financial institutions, some fintechs, some third parties have specific products and services that we don’t, and we believe that for us to be able to better serve our customers, we should be able to integrate those specific products and services into our own. Open banking and open finance are only as good as the number of players that cooperate within that ecosystem, and that’s, I think, one of the biggest things that we have to consider. More importantly, it adds value to our customers and how they do their financial transactions, and that is what’s really important to us. Of course, as a bank, there is a bottom line that we need to think of, but we believe that there is a space for both to co-exist, for the customers to be served appropriately and for the Bank to be able to have new business models.” ~Erika Dizon, UnionBank's Fintech Business Group Head

After her presentation, Dizon participated in a fireside chat with the event’s moderator, veteran journalist Rico Hizon. One of the questions that she answered was on data privacy, which is currently one of the biggest concerns related to open banking and open finance. She reiterated that, at the core of open banking, there should be customer consent, where end users can have the choice to share their data or not, and limit how much of their data is used.

Another topic discussed during the chat was balancing competition with collaboration, especially since open ecosystems require the latter for them to truly serve their purpose. She said that for UnionBank, rather than competing, the focus is more on “coopetition,” adding that there is a place for different industry players to benefit from a win-win-win model.

On the topic of how open banking and open finance can create more value for UnionBank, she said that these allow the Bank to identify new potential business models, and with these, generate more income streams and revenue models.

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.

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.

BAP launches Anti-Scam Campaign to promote cybersecurity

Key officials of the BAP and KBP show the heart symbol, which also appears as an "X", to demonstrate their commitment to help protect consumers against cyber fraud through the CybersecurityX program. From left, 1st row: BAP Cybersecurity Committee Vice Chair Ramon L. Jocson, BAP President Jose Arnulfo “Wick” Veloso, and BAP Cybersecurity Committee Chair Edwin R. Bautista; 2nd row, BAP Executive Director Benjamin P. Castillo, KBP Chairman Ruperto “Jun” S. Nicdao, Jr., and KBP EVP Noel C. Galvez; 3rd row, KBP President Herman Z. Basbaño.

The Bankers Association of the Philippines (“BAP”) launched its Anti-Scam Campaign, a wide-ranging information campaign undertaken with various partners that aims to promote cybersecurity, cybersafety, and awareness among the Filipino banking public.

The launch is in line with the commemoration of the International Fraud Awareness Week, which highlights the importance of cybersecurity and cyber education in the lives of citizens throughout the world.

The BAP is partnering with various stakeholders, such as social media influencers, government agencies, and the media, in its wide-ranging efforts to promote cybersecurity awareness throughout the Philippines.

BAP launches Anti-Scam Campaign to promote cybersecurity

As such, the BAP signed a Memorandum of Understanding (MOU) with the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) to help disseminate information on cybersecurity and data protection. A MOU signing with the Department of Justice (DOJ) will also take place, with the partnership aiming to train cybercrime enforcers and prosecutors in holding cybercriminals accountable for their actions.

“Cybersecurity is a shared responsibility. With this partnership with KBP, we are able to keep the public informed and educated on the latest trends and scenarios on cybercrime, considering the growing threats of cybercriminals. They have clearly stepped up their game as they try to take advantage of the rapid online migration of essential activities amid COVID-19 pandemic. The Philippines is currently a cybercrime hotspot, underscoring the need to increase awareness and vigilance against the increasing prevalence of cybercrime in the country. The BAP, together with its partners, will work towards equipping Filipinos with the necessary information and tools they need to stop cybercriminals from harming the public and stealing their hard-earned money” ~Wick Veloso, BAP President

BAP launches Anti-Scam Campaign to promote cybersecurity

BAP launches Anti-Scam Campaign to promote cybersecurity

BAP launches Anti-Scam Campaign to promote cybersecurity

BAP launches Anti-Scam Campaign to promote cybersecurity

BAP launches Anti-Scam Campaign to promote cybersecurity

“We believe that this collaboration project will result in a more intensive consumer awareness and education as a strong first line of defense against cyber threats.” ~Jun Nicdao, KBP Chairman

The Bank Marketing Association of the Philippines (BMAP) will also be the official partner in unifying the execution of the Anti-Scam campaign on social media by BAP’s member-banks.

BAP launches Anti-Scam Campaign to promote cybersecurity

BAP launches Anti-Scam Campaign to promote cybersecurity

BAP launches Anti-Scam Campaign to promote cybersecurity

In addition to that, the BAP launched the BAP #Cybersafe Facebook page on November 14. This aims to raise awareness on cybersecurity by urging the public to stay vigilant against various types of cyberattacks.

UBX CEO talks democratizing insurance through embedded experiences at 11th E-TalkTales

11th E-TalkTales

In the latest iteration of Union Bank of the Philippines’ (UnionBank) E-TalkTales, UBX President and CEO John Januszczak, Coherent CEO John Brisco, and Chubb Deputy Regional President for Asia Pacific Glen Browne discussed the ongoing insurance crisis in the Philippines and how UBX’s insurance platform Assured is helping address this crisis through embedded insurance with everyday Filipino experiences powered by innovation and co-creation.

"You have to make it easier for the consumers to discover the value of insurance. And insurance is obvious when it is hyper-personalized and offered in a hyper-relevant context. Products are often too complicated, predicated on old sales models with corresponding jargon that inevitably develops over the years. Often, what is sold is in many cases essentially the same kind of product that my own parents bought over 50 years ago. What is equally concerning is the sub-optimal impact that the complexity has not just on customers, but conventionally, on insurance agents and advisors. Traditional intermediaries such as agents, brokers, and bank partners have only so much reach without leveraging digital. On top of this, distribution via these traditional channels requires higher value products to be economically feasible. The cause of traditional sales channels is noble, but ultimately, only economically feasible for the more affluent in our society." ~John Januszczak, UBX President and CEO

UBX President and CEO John Januszczak, Coherent CEO John Brisco, and Chubb Deputy Regional President for Asia Pacific Glen Browne discussed the ongoing insurance crisis in the Philippines and how UBX’s insurance platform Assured is helping address this crisis through embedded insurance with everyday Filipino experiences powered by innovation and co-creation.

UnionBank's 11th  E-Talktales: Addressing the protection gap in the Philippine market through embedded insurance

"What we're trying to do is help insurers by making it much easier for them to bring their products and integrate them into the UBX ecosystem. So, we're acting as the facilitator between UBX and insurers so that all the data that has to interact between an insurer and UBX is as consistent and seamless as possible. If UBX is trying to think about the experience of the user, Chubb is providing world-class products to fit into that experience, and then Coherent is bringing the technology to enable that to happen, and I think that's a very unique proposition which doesn't really exist across many markets in the world." ~John Brisco, Coherent CEO

Januszczak highlighted three possible factors that are keeping a lot of Filipinos from availing insurance products. First, he said that it's not easy for most to have even a basic understanding of how valuable insurance can be for them, which is why it's important for providers to make it easier to discover. Another problem that is contributing to the insurance gap in the country is that insurance products can be very challenging to understand. And lastly, there are also the problems related to distribution.

"With Assured, it's bringing the complexity of traditional insurance into bite-sized chunks, in a very accessible and easy-to-understand way." ~Glen Browne,  Chubb Deputy Regional President for Asia Pacific

This is where UBX's embeddable insurance platform Assured comes in. With Assured, the goal of UBX is to take monolithic, complex, and expensive products from insurers and make them more accessible. Through this, UBX also aims to provide a single platform and a single API to make it easier for solutions developers and communities to aggregate and customize protection across multiple insurance providers.

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/