The future of banking is invisible. This is if we are to believe what UBX is telling us following their Build, Buy, and Bridge strategy.
UBX is a fintech company (the technology innovation and investment arm of UnionBank) passionate about creating opportunity by building tools for financial institutions and MSMEs. According to the company, “BigTech” and emerging non-banking technology platforms are achieving scale and client reach that exceeds that of traditional banks. As digital platforms have become the Main Street of today, UBX is building platforms for digitally and financially underserved communities while aggregating and virtualizing financial services to embed in the platforms of others.
“Technology transcends borders. We are a Philippine company but we are incorporated in Singapore. We are looking for opportunities where we can take the technology we are building for the Philippines regionally.” according to John Januszczak, President and CEO of UBX Philippines during the fourth installment of UnionBank’s E-TalkTales.
SeekCap an online credit marketplace for MSMEs — companies that drive over 60% of the economy yet have historically received less than 10% of credit provided by banks.
“Behind SeekCap is an embeddable, AI-driven lending platform that provides a digital end-to-end experience. Right now, we are connecting MSMEs to multiple lenders by embedding this platform to the ones they use every day like Lazada and accounting systems,” added by Januszczak.
UBX actively invests in the innovation of others through its venture capital fund: ventures such as XLog, a digital logistics platform, and AI technology that leverages the vast amounts of data digital platforms are generating. The fintech company bridges gaps in digital capabilities through its technology services team to help businesses integrate embeddable financial services directly into their systems.
The on-going COVID-19 pandemic has drastically changed consumer behavior and how businesses operate. These trying times led to a golden age for Electronic Commerce (eCommerce) in all sectors — including MSMEs — who depend on social platforms for marketing their products and communicating with their customers.
BUX, with over 80,000 sellers signed-up, is an embeddable payments platform that accepts all methods of payment and integrates into platforms used by MSMEs for selling online: Facebook, Viber, and more comprehensive eCommerce platforms like Prestashop, Woocommerce, and soon Shopify. UBX even provides its own free eCommerce platform: Sentro. Everyone from casual sellers to mid-tier businesses can create an online web store with built-in inventory management, order tracking, shopping cart, BUX for payments, and courier services such as Mr. Speedy. MSMEs can start selling online in a matter of minutes!
UBX is also the driving force behind i2i. The Department of Social Welfare and Development (DSWD) is currently leveraging the reach of i2i to distribute Social Amelioration Program (SAP) relief. i2i helps institutions go digital with services like i2i mobile ATM, agency banking, digital credit scoring, and more. This UBX blockchain-enabled real-time payments network leverages on the first Bangko Sentral ng Pilipinas (BSP) approved stablecoin. UBX’s i2i is really about connecting the nation — whether it be distributing relief, sending funds to loved ones, or making it easier to do business in trying times.
Helping to bring innovation to the majority of the population, PDAX — a UBX investment — recently launched Bonds.ph, a blockchain-enabled app allowing Filipinos with unrestricted access to buy treasury bills. The fintech business also promotes the democratization of real estate through asset tokenization using its Biddit platform.
Just recently, UBX had a remittance pilot project with Singaporean companies PayNow and OCBC Bank. Truly a testament of how UBX is changing the face of banking, now and in the future.