Union Bank of the Philippines (UnionBank) proudly introduced “UB Negosyante” under its “Powered UP” solution for Micro, Small, and Medium Enterprises (MSMEs). The unveiling took place at the Podium Hall in Mandaluyong last 08 November 2023, with the new MSME business banking solution aimed at bolstering entrepreneurial ventures for small and medium-sized enterprises.
UnionBank’s dedication to MSMEs garnered further recognition as its business banking app secured the title of “Best Smart Payments Solution by an SME Bank” at the Global Retail Banking Innovation Awards 2023 in Singapore. Riding on this accolade, “UB Negosyante” emerges as a strategic initiative, designed to cater to the diverse needs of MSMEs, be they small business owners, sole proprietors, or micro-entrepreneurs striving to elevate their enterprises.
The genesis of the “UB Negosyante” moniker arose from collaborative efforts and surveys conducted among business owners and existing UnionBank MSME clients. The simplicity and relatability of the name resonated strongly with respondents, ultimately influencing the decision to adopt it.
“SMEs face so many challenges due to various pain points which can be discouraging to them. We wanted to address those pain points, so we put together a single user experience through the UB Negosyante app that will address those pain points, may they be related to collection, reconciliation, disbursement, just to name a few,” according to Jaypee Soliman, UnionBank Business Banking Head.
Building on the success of the MSME Business Banking app launched in 2021, “UB Negosyante” takes the user experience a step further. Enhanced tools and features promise to empower entrepreneurs, a sentiment underscored during the launch event where UnionBank showcased success stories of MSME clients. The program, hosted by Ms. Lia Cruz, featured a fireside chat with seasoned entrepreneurs, Mr. Jorge Wieneke, and Ms. Nene Tamayo-Plamio, while Marketing Entrepreneurship Mentor Josiah Go shared valuable innovation tips.
Dino Velasco, UnionBank Institutional Segment Marketing Head, emphasized the customer-centric approach in arriving at the new name. According to Velasco, the survey results indicated a strong preference for “UB Negosyante,” aligning with the bank’s commitment to understanding and addressing the sentiments of its clientele.
Complementing the launch, UnionBank kickstarted the “Powered UP” campaign, a revitalized version of the 2022 “Power to Grow” #WalangMaliitNaBusiness initiative. The campaign aims to highlight the features of ‘UB Negosyante,’ providing insights, tips, and best practices to assist entrepreneurs on their journey.
Among the key offerings of ‘UB Negosyante’ is an improved mobile app, enabling SMEs to conduct transactions on the go, including fund transfers, bill payments, and check deposits. The suite also features BizStarter, a basic checking account with a low opening and maintaining balance of just PHP5,000.
In addition, the app introduces QRPH/UPAY for MSMEs, an all-in-one payment acceptance hub facilitating easy collection of payments via QR codes or links. Customers can make payments through various channels, such as banks, e-wallets, and over-the-counter transactions.
To further empower MSMEs, ‘UB Negosyante’ provides access to a variety of financial tools, including multi-purpose credit lines of up to P10 million, MD lines tailored for medical practitioners, and Dealer Financing Lines for efficient digital payment processing in supply chain transactions.
The suite of solutions under ‘UB Negosyante’ also incorporates UnionBank GlobalLinker, an online platform enabling SMEs to establish a free online store, forge essential business connections, access exclusive benefits, and learn from fellow SMEs and industry experts.