Philippines Champions Global and Local Public-Private Partnerships to Strengthen Fintech Ecosystem at the Singapore Fintech Festival 2023

UnionBank and UnionDigital booth at SFF 2023

President Ferdinand Marcos Jr. underscored strategic collaboration with diverse domestic and international stakeholders to position the Philippines as a hub for digital innovation and entrepreneurship. This was highlighted during his keynote address at the Singapore Fintech Festival (SFF) 2023, the world’s largest fintech event, where he made history as the first statesman to deliver a holographic speech at the said festival.

He emphasized that both local and global public-private partnerships (PPPs) play a vital role in enabling the Philippines to adopt new technologies that would strengthen the country's fintech ecosystem. The implementation of innovative solutions, coupled with enhanced financial education and inclusion initiatives, will effectively meet the needs of underserved communities in the country. This, in turn, serves as a tangible demonstration of the Philippines’ potential to contribute solutions to regional and global challenges.

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.

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.

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.