UnionBank and PDAX: Future Proofing Financial Service Providers

Union Bank of the Philippines (UnionBank) and the Philippine Digital Asset Exchange (PDAX), Inc. have recently signed a memorandum of agreement (MOU) to forge a partnership that will provide relevant solutions aimed at offering cutting-edge solutions for fintechs, tech companies, digital services companies, MSMEs, and corporate clients of UnionBank through Crypto-as-a-Service.

UnionBank and PDAX held The MOU signing ceremony last took place on April 26 at the UnionBank Plaza in Pasig City. The event was attended led by with PDAX CEO and Founder Nichel Gaba; PDAX Chief Business Development Officer Kenneth Chua; Assistant Vice President - Sales of UnionBank Fintech Business Group (FBG) Andrew Garcia; and Senior Vice President - Corporate Banking Group of UnionBank Angelica Balangue.

UnionDigital Banks 1.73-M Customers in Four Months, Onboards PDAX as First Corporate Account Customer

UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced that it has acquired 1.73-M customers, reached US$ 70-M in loan book size, and collected US$ 50-M in deposits from its first four months of operations in the country. UnionDigital Bank has achieved double digit growth in digital loans to mass market communities through ecosystem partnerships powered by UnionBank. 

“Since our launch, UnionDigital Bank has been focusing on serving the needs of the underserved communities within UnionBank by offering digital deposit and lending products to our ecosystem, and we will continue to support the needs of these customers with additional products overtime,” shared Arvie de Vera, co-founder, President, and CEO, UnionDigital Bank. “The series of milestones that we have been able to achieve is a testament to the strong execution power of the team, in accordance with our community-led business model.”

de Vera further credits this achievement to the Digital Bank’s “laser focus” on the fundamentals: prioritizing the balance sheet.