UnionDigital Bank Forged a Strategic Partnership with the Aboitiz Group to Further Drive Financial Inclusion

UnionDigital Bank, the fully digital bank subsidiary of UnionBank of the Philippines, has signed a strategic partnership resolution with fourteen (14) other subsidiaries of the Aboitiz Group. This partnership will allow the digital bank to tap into the Group’s ecosystem to provide banking and financial services to their customers. 

With this partnership, UnionDigital Bank will leverage on the Group’s network to develop and deploy streamlined risk models, enable efficient underwriting, and loan approval process. This way, the digital bank will be able to offer better credit products to the underserved segments of the group. 

UBX sets up advocacy body to champion development of inclusive open finance framework in PH

UBX, the financial technology (fintech) venture studio of the Aboitiz Group, is setting up a foundation that will champion the development of an inclusive Open Finance Framework in the Philippines. 

To be called the Philippine Open Finance Foundation, the institution aims to make the adoption of open finance as a technology that empowers Filipino consumers with the right set of financial tools and solutions for their needs. 

“They say it takes a village to raise a child, and since Open Finance in the Philippines is still infancy, UBX has decided to launch a shared village we call the Philippine Open Finance Foundation,” UBX Managing Director for Open Finance Jaime Garchitorena said at the Singapore Fintech Festival on 2 November, Wednesday. 

The Philippine Open Finance Foundation will bring together relevant stakeholders, including other financial institutions, government agencies, non-government organizations, civic groups, and the academe to come up with meaningful initiatives that will support the development of Open Finance in the Philippines.