Democratizing access to credit to drive financial inclusion in PH — UBX

Januszczak suggests use of alternative data, AI to assess credit worthiness

Open finance has the potential to revolutionize the financial industry by democratizing access to credit for the unserved and underserved segments in the Philippines, according to the president of UBX, the driver of digital transformation in the Philippines.

During his talk at the Digital Banker’s South East Asia Tour, UBX President and CEO John Januszczak emphasized that open finance can unlock credit by leveraging non-traditional data that focuses on measuring character and credibility instead of credit scores, which are traditionally driven from banking transactions.

UBX pioneers AI use to reshape the future of financial services

Leading the way: UBX welcomes PH’s leading two AI experts to drive financial inclusion

UBX, the leading open finance platform in the Philippines, is taking a significant leap into the world of Artificial Intelligence (AI) to reshape the future of finance, employing the leading two AI experts in the Philippines.

With the addition of Jose Alfonso "Pancho" Reyna as Director of Engineering, Data and AI and Mario Domingo as Global Chief Technology Officer (GCTO), UBX is uniquely positioned to leverage AI and new technologies to accelerate its financial and social inclusion goals further.

Yufin taps UBX to expand Merchants’ payment offerings.

UBX, the Philippines’ leading open finance platform, has entered into a strategic partnership with Yufin, the All-in-One Negosyo app that streamlines the business processes of micro, small, and medium enterprises (MSMEs).

Under the partnership, Yufin will leverage UBX’s technology to offer more digital payment options to small merchants, their shoppers, and suppliers as they venture into the digital economy. The partnership allows UBX to scale up its operations further to cater to a larger network of Filipinos.

SeekCap maintains uphill growth in 1H, raises the bar for MSME financing

SeekCap, an online lending marketplace built by UBX, the leading open finance platform in the Philippines, recorded a 50-percent surge in the volume of loans disbursed during the first half of 2023. 

As it further strengthened partnerships in the public and private sector to reach more micro, small and medium enterprises (MSMEs) that need access to business loans, SeekCap disbursed a total of P688 million in loans in the first six months of the year. 

This represents a 50-percent increase from the P459 million recorded the year prior. 

By raising the bar for loan services, SeekCap’s innovative approach to digital financial solutions and its commitment to empowering MSMEs are responsible for its continuing success. 

“Traditionally, MSMEs are the most disadvantaged when it comes to financing, because the stringent requirements of banks for loans are geared against them. A big part of our mission towards financial inclusion involves democratizing loans in their favor to create new opportunities for Filipinos everywhere and to contribute to overall economic development,” UBX President and CEO John Januszczak said.

Netbank and UBX announce partnership to extend loans to small businesses selling on e-commerce platforms.

Partnership is the latest example of cooperation between the two leaders in embedded finance and open finance in the Philippines.

Netbank and UBX have signed an agreement to issue loans to sellers on ecommerce platforms and started to issue these loans. Netbank expects to rapidly expand its lending to e-commerce sellers in the next year.

Many sellers on e-commerce platforms require additional working capital to expand their sales. Few banks are willing to work with these sellers, however, since they don't have collateral.

PH ripe for open finance

BSP, UBX, ECCP-SCOFFI commit to collaborate to leverage open finance to drive inclusion 

UBX, the leading open finance platform in the Philippines, the Bangko Sentral ng Pilipinas (BSP) and members of the European Chamber of Commerce of the Philippines’ (ECCP) Special Committee on Open Finance and Financial Inclusion (SCOFFI) committed to collaborate closely to leverage open finance in driving financial inclusion further in the country. 

In a recent Kapihan Session organized by the ECCP-SCOFFI, UBX Managing Director for Open Finance Jamie Garchitorena, BSP Deputy Deputy Governor Chuchi Fonacier highlighted the readiness of the Philippines in embracing open finance. 

UBX joins, vows to fully support BSP’s open finance pilot

UBX, the leading open finance platform in the Philippines, has joined the Bangko Sentral ng Pilipinas’ (BSP) pilot run of the open finance ecosystem within its sandbox and proof-of-concept framework, pursuant to the administration’s goal of digitally transforming the economy.

Collaborating with industry players from relevant sectors in finance such as electronic money issuers, banks, payment operators, and other financial service providers, the pilot program explores the use of Application Programming Interface (API) technologies to manage the issues of information asymmetry and data aggregations in the delivery of   financial products and services tailored for their customers.

UnionBank recognized for IP Awareness and Protection

At the culminating activity of the National Intellectual Property Month (NIPM), banking trailblazer UnionBank of the Philippines (UnionBank) was recently recognized by the Intellectual Property Office of the Philippines (IPOPHL) for its support for intellectual property (IP) awareness and protection.

The 2023 Gawad Yamang Isip Awards and Fashion Night, themed “Women and IP: Accelerating Innovation and Creativity”, was held at The Manila Hotel last April 26, 2023. It highlighted the IP protection of Filipino textiles and fabrics through a fashion showcase. UnionBank was presented with a plaque of recognition for its partnership with (IPOPHL) in championing the protection of digital innovation technology intellectual properties.  UnionBank’s Senior Vice President and Head of Blockchain and API Business Group, Metaverse Center of Excellence and Government Projects, Catherine Anne Bautista-Casas, accepted the citation for the Bank. 

UBX best positioned to implement IFMIS initiative

UBX, the leading open finance platform in the Philippines, is ready to support the government in its goal of adopting the integrated financial management information system (IFMIS) to promote efficiencies in government transactions while reducing corruption by improving transparency. 

As President Ferdinand “Bongbong” Marcos Jr. calls for local government units and offices to adopt the IFMIS, UBX signified its intention to provide the government the necessary digital support to concretize this plan. 

UBX Global CTO: AI to elevate humankind to a higher plane

Artificial Intelligence (AI) will force humankind to elevate itself to a different level and create solutions to long standing problems instead of aggravating them, according to Mario Domingo, the freshly appointed Global Chief Technological Officer of UBX, the leading open finance platform in the Philippines.

In the latest episode of the Orange Chair, a web series featuring today’s top thought leaders and influencers, the digital transformation virtuoso debunked the public’s common misconceptions about AI.

Success in digital transformation lies in “people agenda” – UBX Chairman

True transformation means elevating lives and fulfilling dreams, and not just breaking ground in the technological aspect, according to the chairman of UBX, the leading open finance platform in the Philippines. 

In the latest episode of the Orange Chair, a web series featuring today’s thought leaders and influencers, Henry Rhoel Aguda, who also sits as the Chairman of UBX as well as President and CEO of UnionDigital, debunked the misconception that digital transformation in finance is all about tech.

UBX beefs up financing arsenal for MSMEs, partners with UNO, SEA’s first full-spectrum digital bank

UBX, the country’s leading open finance platform, has entered into a strategic partnership with UNOBank (UNO Digital Bank), Southeast Asia’s first full-spectrum digital bank, to make credit more accessible to micro, small and medium enterprises (MSMEs) nationwide.

Through this collaboration, SeekCap will be able to further support MSME financing, while providing a wider platform for UNO Digital Bank to reach more customers. 

With the alliance, micro entrepreneurs will be able to get financing even in the absence of formal financial data, utilising the combination of alternative data and psychometric scoring, which further democratizes access to credit to provide the necessary capital to expand their business. This initiative is done through UBX’ loans marketplace platform, Seekcap.

UBX kicks off digital transformation in City of Calapan, Municipality of Pola

UBX, the leading open finance platform in the Philippines, has kicked off the digital transformation of several local governments under the province of Oriental Mindoro – the first digital province in the country powered by UBX – to promote greater financial and social inclusion. 

Following the official partnership launch with the Provincial Government of Oriental Mindoro last month, the City of Calapan and Municipality of Pola are among the first of its local government units (LGUs) to transition to digital.

Born out of the UBX-led Digital Transformation ng Pilipinas (DigiPinas), a multisectoral initiative for digital transformation in the government, UBX is equipping Oriental Mindoro with open finance technology for payments, disbursements, and loans so it can leverage digital solutions for all government transactions – from tax collections, and application processes, to payments.

UBX powers up MaxiLife with digital payments collection

UBX, the leading open finance platform in the Philippines, and MaxiLife, the Philippines' newest Life and Health Insurance Company, have entered into a strategic partnership to develop cutting-edge, technology-driven products and services that will revolutionize the experience of MaxiLife customers.

Under the partnership, MaxiLife will leverage UBX’s verticals BUx, an end-to-end payment solutions platform, and Splix, a transact-now-pay-later platform, to offer its policyholders flexible and convenient ways to settle their premiums. 

With over 60,000 payment channels powered by UBX nationwide, MaxiLife customers now have various options to pay for their policies: Over-the-counter, online banking, e-wallets, and debit/credit cards. Thanks to the partnership, policyholders can also pay their premiums on an installment basis soon –  with or without credit cards.

UnionBank, UBX double down on commitment, initiatives to empower MSMEs with financial tools and services

Union Bank of the Philippines (UnionBank) and its venture studio UBX, the leading open finance platform in the Philippines, are doubling down on their commitments to empowering more micro, small and medium enterprises (SMEs) in the country. 

During the recent SME Innovation Festival held in Iloilo City, UnionBank President and CEO Edwin R. Bautista highlighted the two companies’ strategies and initiatives to democratize SMEs’ access to finance by using new technologies. 

Access to business capital is necessary to strengthen business operations of growing businesses and enable them to further expand their enterprises. MSMEs account for 99.5 percent of the total establishments in the Philippines and employ 62.8 percent of the entire labor force. Access to credit and financial services for MSMEs remains a challenge. 

UBX powers up AboitizPower’s mobile app with digital payments collection

UnionBank of the Philippines’ UBX, the leading Open Finance platform in the Philippines, is powering the mobile app of Aboitiz Power Corporation (AboitizPower), one of the country’s largest retail electricity companies, integrating digital payments to provide customers of the latters’ distribution utilities greater convenience. 

Under the agreement, AboitizPower will integrate BUx, an all-in-one payment solution platform developed by UBX, into its mobile application, MobileAP. The app is available for subscribers of AP distribution utilities such as Visayan Electric Company, Davao Light and Power Company, Cotabato Light and Power Company, and the Subic and Lima EnerZones.

Asialink taps UBX for digitalization of finance business

UBX, the leading open finance platform in the Philippines, has been named the official technology partner of Asialink Finance Corp., one of the leading non-bank financial institutions in the Philippines that provides secured business loans, and personal financing and refinancing products nationwide, as it expands and improves its suite of financial services for the benefit of millions of Filipinos. 

Under the agreement, UBX will support Asialink in digitally transforming its lending processes via UBX SeekCap and its payment collections, enabling it to expand the reach and operational efficiency of its already lucrative lending business.

UBX CEO reveals ‘balance is key’ to thriving in the fintech landscape

The formula to running a successful business in the modern professional arena is to achieve an equilibrium between work and personal life, UBX President and CEO John Januszczak revealed in the pilot episode of The Orange Chair, a web series featuring today’s top thought leaders and influencers. 

Employees are able to focus more on their job if they have a well-rounded lifestyle. As the leading open finance platform in the Philippines, UBX is driven by this principle, which translates to the services it provides to its customers.

“We work to live, we don’t live to work. We have to keep that in mind. Hopefully, we are allowing our customers to feel the same way,” Januszczak said.

Oriental Mindoro is the first-ever UBX-powered digital province in the PH

Oriental Mindoro is set to become the first digital province in the country that will be powered by UBX, the leading open finance platform in the Philippines, as the local government beefs up its digital transformation initiatives to promote greater financial and social inclusion.  

Born out of the UBX-led Digital Transformation ng Pilipinas (DigiPinas), a multisectoral initiative for digital transformation in the government, the partnership will provide Oriental Mindoro with the necessary digital tools to bring government services closer to members of its community.

UBX, WomenBizPH, SeedIn intensify efforts to democratize access to capital financing for women-led biz

UBX, the leading open finance platform in the Philippines, Women’s Business Council Philippines (WomenBizPH), the leading voice of women in Commerce, and mobile financing powerhouse SeedIn are intensifying their efforts to empower women-led enterprises and women entrepreneurs through democratized access to business financing. 

UBX, WomenBizPH, and SeedIn have strengthened their partnership to reach more women entrepreneurs and women-led enterprises to provide them with financial tools that help them jumpstart or scale their businesses.