UnionBank, CANVAS.PH team up to help artists, collectors explore NFT art space

Tree planting efforts also pledged to offset joint initiative's carbon footprint

Union Bank of the Philippines (UnionBank) is leveraging its expertise in blockchain technology in a partnership with the non-profit organization Center for Art, New Ventures and Sustainable Development (CANVAS.PH) to help artists and collectors navigate the emerging non-fungible token (NFT) art space. 

The partnership was made official through a virtual signing event last February 17 between Cathy Casas, UnionBank's Head of Blockchain Center of Excellence (BCOE), Digital Assets Markets Unit and API Marketplace; and Gigo Alampay, Executive Director, CANVAS.PH. They were joined by former Department of Energy (DOE) Secretary Popo Lotilla, who introduced CANVAS.PH to UnionBank, and who has set his eyes recently on the transformative potential of blockchain technology especially here in the Philippines.

“Art has always been a powerful tool in creating positive change, and the advent of NFT technology potentially opens up more opportunities for artists to positively impact society through their work,” said Lotilla. “Together with the leading expertise of UnionBank in blockchain, we believe that this partnership will help CANVAS.PH uplift more lives through its advocacy.”

BUx records 33x surge in transaction volume in 2021, expects to continue growth path this year

BUx, the Philippines’ leading all-in-one payment solutions platform operated by the country’s leader in open finance UBX, recorded a 33x surge in transaction volume in 2021, processing billions of pesos in gross transaction value, hitting its profitability targets as planned. 

The unprecedented growth was driven by an expanded portfolio of e-merchant partners across a wide range of industries, including SMEs, enterprises, marketplaces, and marketplace aggregators.  

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,” Aguda explained.

Fintech, blockchain, open finance expertise to help UnionDigital usher future of banking in PH

With its expertise in fintech, blockchain, and open finance in the country, UnionDigital is well-positioned to offer financial services to customers regardless of how digital finance would evolve. This was the key message of UnionDigital CEO and co-founder Arvie De Vera during his presentation at the BusinessWorld Insights Forum. The topic for the day was on digital banks and the transformation of the financial sector in the country.

“When we started this digital transformation journey, our aspiration was to adopt the mindset and agility of a tech company, but retain the governance and trust of a regulated bank. That aspiration became a reality on December 2020 when the Bangko Sentral ng Pilipinas (BSP) released its digital bank regulations. Six months later, UnionDigital was born, and operates as a tech company and also a bank,” De Vera said.

UBX to double workforce in 2022

New hires to drive further growth, inclusive finance vision of UBX

UBX, the leading open finance platform in the Philippines, plans to more than double its workforce this year to strengthen its goal of developing more digital financial solutions and better serve consumers and businesses. 

After gaining traction in 2021, UBX plans to continue innovating to introduce more solutions in various financial segments, including, but not limited to payments, banking services, savings and insurance, identity verification and credit scoring, as well as cryptocurrencies, among many others. 

Not physically and financially healthy enough? You only need one plan to boost both

While the coronavirus pandemic has altered the way we live, some things will never change. For this reason, more people are turning to life insurance companies to better prepare themselves and their loved ones against all things inevitable.

In a 2021 survey commissioned by the AIA Group, AIA Philippines’ Hong Kong-based parent company, majority of Filipinos acknowledged the severe impact COVID-19 has made on their well-being, not only in terms of their physical and mental health, but also on their social lives and financial security.

About 71 percent of the respondents said the pandemic had a negative effect on their personal/family finances—driven mostly by mass layoffs, limited economic activities, and shrinking business confidence—with average income reduction measured at 29 percent. 

UBX revenues balloon 5x in 2021, aims to ride growth momentum this year

UBX, the leading open finance platform in the Philippines, recorded remarkable growth in 2021 with revenues ballooning by 5x, a momentum that the fintech innovator aims to ride on in 2022.

With the demand for digital financial solutions growing at rapid paces due to the pandemic, UBX served over 200,000 business to business customers, partnered with more than 2,000 independent banking agents and 250 financial institutions, and recorded an annual gross transaction value of P20 billion. 

“The year 2021 was a real inflection point for us – it is when we achieved traction. 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,” UBX President and CEO John Januszczak said. 

Pru Life UK opens new general agency offices expanding its footprint in the country

Leading life insurer Pru Life UK is making life and health protection more accessible to Filipinos nationwide by adding general agency (GA) offices in Metro Manila, Batangas, and Pangasinan. These new offices will enable Pru Life UK agents to be closer to their local communities and serve their protection needs. 

New agency offices in Metro Manila

Blue Fox Summit Life Insurance Agency Inc. opened its doors anew for Pru Life UK customers in Unit 805, One Corporate Center, J. Vargas Avenue Cor. Meralco Ave. Ortigas Center, Pasig City, headed by General Agency President Elvin Richmon Salazar.

Axis Life Insurance Agency Inc. headed by General Agency President Michael San Roque opened its office at Unit 6EF CBC Corporate Center, 724 Shaw Blvd St. Wack Wack Greenhills, Mandaluyong City.

CitySavings Supports DepEd in Promoting Health and Safety

City Savings Bank, Inc. (CitySavings) joins DepEd in promoting teacher vaccination through the “Masayang Pamasko 2021 Raffle Promo”. Over 230 teaching and non-teaching staff were doubly delighted last December 2021 after winning PHP 2,000 each.

“Para sa (mga) bata, at para sa bayan.”

This is what teacher Benjar Ferrer of Galarin Elementary School in Urbiztondo, Pangasinan believes about his being fully vaccinated against COVID. He understands the importance of teachers being bakunado, especially with the gradual roll-out of face-to-face classes. He adds, “Libre naman magpabakuna. Pumunta ka lang sa vaccination center.”

Teacher Robert Baluyot of Alabel National High School in Alabel, Saranggani admits that there is still some vaccine hesitancy from his colleagues. Some of the reasons are or stem from “(the kind of) knowledge and information sources my co-teachers access, experience (or lack of) with vaccine-preventable diseases, the role of health professional recommendations, social norms, parental responsibility, trust, and religious beliefs.” 

UBPXcellerator launches 1st Free Comprehensive Data Science Development Program

Union Bank of the Philippines (UnionBank), through its UBPXcellerator Program, has recently launched the Data Science Development Program (DSDP), another first in the industry. DSDP is a FREE data science course for aspiring data scientists that covers topics such as data science basics, data visualization, programming, machine learning, and building data portfolio. 

Developed by UnionBank’s Artificial Intelligence Center of Excellence (AI-COE), the comprehensive program will run for six (6) weeks with 19 self-paced modules, including weekly enrichment sessions with UnionBank's top data scientists.

During the onboarding event, UBPXcellerator's Lead for Capability Development Cathy Santiago and Tech Capability Officer Jam Salvador gave attendees an overview of The UBPXcellerator Program, its offerings, and the Data Science Program itself. UnionBank Chief Data & AI Officer, Dr. David Hardoon, welcomed the Xcellerator learners.

Troo insurance appoints new President & CEO

Troo, the life insurance joint venture between EastWest and the Ageas Group, appointed Glenn Williams as its new President and Chief Executive Officer, effective January 1, 2022. Williams succeeds Dominik Smeets, who has been reassigned as First Deputy General Director at MB Ageas Life, the life insurance joint venture of the Ageas Group in Vietnam. Before his new role, Williams served as Troo’s Chief Finance and Risk Officer.

Banking on the strong partnership between EastWest and the Ageas Group, Williams is positioned to take Troo insurance to new heights. With nearly 30 years of experience in the industry and the last 22 years in Asia, Williams will continue to steer the company, leveraging on EastWest’s network and the global insurance expertise of Ageas.

“I’m honored to have been appointed as Troo’s new President & CEO. It’s a privilege to lead this group of people who are brave, optimistic, creative, and innovative,” said Williams. “We’re an organization led by a vision and a passion – to help Filipinos plan for a better tomorrow so they can live their best lives today. I’m committed to leading and serving our 500-strong workforce so we can deliver the very best to our customers, employees, and shareholders.”