UnionBank has officially launched UBX that aims to explore and create new potentially non-banking based business models.
UnionBank was recently awarded as the country’s Best Digital Bank with its adaptation to the latest technologies for the past few years.
UBX is expected to quickly develop and create new opportunities and expand e-commerce access for the unbanked and underbanked, by seamlessly connecting these communities with embedded banking. It will make financial services invisible and flawlessly blended into the experiences and activities that truly matter to businesses and people.
Embedded banking refers to banking that is made through a platform other than a bank such as using mobile apps and internet of things (IoT). Since it is more convenient than traditional banking, it could reduce the number of unbanked individuals.
“It’s a new entity that operates separately from UnionBank and is designed to be like a fintech company. With UBX, we want to usher in the age of embedded banking in the Philippines, where banking services are woven into the very fabric of everyday life,” said UBX president and CEO John Januszczak.
UBX believes the future of financial services provides opportunity and access for all, and vows to bring more financial services to broader community physically, logically, and economically.
Initially, UBX will leverage on two products under UnionBank; the GlobalLinker which is a B2B networking platform and Project i2i which is a blockchain-supported platform that connects rural banks and cooperatives to other financial institutions in the country.
UBX’s expertise in etchnology development and blockchain is seen to further power XLOG’s end-to-end supply chain solution that consolidates shipping, warehousing, trucking, and customs brokerage.
XLOG was developed by Shiptek Solutions Corp. where UBX inked its first investment deal. It was owned by Ynion Group which has been in the logistics business for over two decades.
Januszczak said they will endeavor to co-create innovations with like-minded companies who are obsessed with forging transformative experiences for customers.
For more info, you may visit www.ubx.ph.
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