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.
“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, 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.
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.
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.
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.
“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.”
