Protect your personal data with these friendly reminders from UnaCash

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As fintech adoption continues to rise in the Philippines, financial services increasingly serve a role in addressing vulnerabilities and safeguarding information in the evolving digital landscape.

Data breaches, fraud, and identity theft are amongst these significant challenges, especially in a digital environment where artificial intelligence (AI) plays a growing role in the digital ecosystem. Amid this rapid digital advancement, there is a rising concern on data protection and application of security measures. Survey data released by Statista in 2024 revealed that 50% of respondents reported being targeted by phishing attacks, while 42% encountered smishing, a type of fraud scheme carried out through text messages.

Considering this, and as the global business landscape commemorates Data Privacy Day on January 28, a heightened awareness to combat these challenges and a recurring prompt highlighting the importance of taking proactive measures in safeguarding personal data are necessary

Moreover, financial services are the bearer of not only offering secure platforms, but also educating consumers on how to manage good financial hygiene. UnaCash takes a proactive approach by integrating both. The focus is to empower consumers to actively seek steps on understanding digital risks and become vigilant against potential threats, all the while learning how to choose a platform that demonstrates a commitment to security.

Here are detailed recommendations from UnaCash to support Filipino consumers on the best practices for safeguarding personal data.

Use strong and unique passwords. One of the most effective ways to protect online accounts is by using strong, unique passwords. Ensure that the corresponding accounts per platform uses a different password to guarantee that they are individually protected.

Enable two-factor authentication. Make sure to enable the two-factor authentication (2FA) on your financial apps and online accounts to add an extra layer of security. The second verification step, such as a one-time password (OTP) sent to your mobile device or email, helps reduce the chances of unauthorized access for the account.

Learn to identify and beware of phishing scams. Phishing scams are one of the most common ways where personal information is obtained illegally. These can appear as emails, social media posts, or SMS messages from seemingly legitimate companies. Always double-check the source of any communication and avoid clicking unfamiliar links. Upon receiving one, you can immediately visit the official website of the company or inform their customer service to verify its authenticity.

Make regular updates on your software and apps. Updates ensure that security vulnerabilities are mitigated against potential hacking attempts. These updates often contain important security patches that can help you protect your data against emerging threats and keep your digital environment secure.

Always monitor personal transactions. Track transaction histories for any unusual activity or discrepancies. For unauthorized changes, immediately report to the service provider to ensure that the account remains protected from fraud.

"We have witnessed the digital landscape rapidly evolve in recent years. Financial solutions like us advocate consistently on educating consumers on how to practice good financial hygiene, and of course, navigate the digital space safely,” said Sean Plantado, channel manager of UnaCash. “We want our customers to be better equipped to safeguard their personal information, regardless of what platform they are using.”

The Commitment to Secure Data by UnaCash

Consumers belonging in the GenZ bracket are increasingly entering the marketplace, highlighting the need for robust data protection since this generation is a significant player in the retail space. Statista indicates that vulnerabilities can impact individuals as early as 18 years of age, matching the analysis from UnaCash where 23 million working-age individuals in Southeast Asia will be poised as primary contributors in the digital economy by 2030. With this emerging consumer base, the financial services reinforces its mission to provide a secure and informed financial platform for its client-base.

Below is a list of simple practices of UnaCash to promote data privacy protection:

● Advanced security features. Integration of encryption, a multi-layer authentication, and a dedicated fraud detection team to ensure that user data remains protected against cyber threats.

● Continuous consumer education. The data source and storage is found only in the UnaCash app, which consumers are responsible when it comes to and encourages users to generate a pin to open their account apart from the one-time password (OTP) authentication process.

● Responsive support. A dedicated customer support team ensures that users have access to timely assistance, be it in the physical store or through the UnaCash communication channels. This applies to suspicious activity or even resolving account concerns, a swift and effective support is being prioritized.

● Compliance on data privacy security measures. UnaCash is compliant with the NPC, adhering to the Data Privacy Act of 2012 and is continuously implementing data protection protocols. There are consistent security assessments to uphold the transparency and accountability in handling every customer’s data. Alongside this, UnaCash never stores application details physically or digitally through any other platform aside from its app to protect its overall storage location.

“It is important to highlight that awareness on financial security goes hand-in-hand with the broader goal of protecting personal data. A financially literate consumer is most likely to use secure platforms, easily identify risks, and take proactive steps to protect their respective data. UnaCash remains committed to fostering a culture of security and trust, ensuring that Filipino customers are confident with their financial journey without compromising their personal information in the digital space,” Plantado concluded.

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About UnaCash

UnaCash offers people-centric, in-app and in-store digital financial solutions tailored to the evolving needs of Filipinos. Its ‘Buy now, Pay later’ service has been upgraded to include point-of-sale loans, accessible via online and in-store partner merchants.

With the help of analytics and data-driven technologies, UnaCash is driven to continuously improve products and develop new services that will bridge critical financial gaps in the Philippines. The UnaCash app is available through the Google Play Store and Huawei AppGallery.

UnaCash services have been recognized by outstanding organizations from 2023 to 2024, namely the Global Business Magazine, The Global Economics, Global Business & Finance Magazine, International Finance, Retail Banker International, World Business Outlook, and The Digital Banker.

Skyro officially launches its credit line product Skyro Pocket

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Skyro, a fast-growing fintech brand in the Philippines, has officially launched its new credit line product, Skyro Pocket. This latest offering from the brand provides customers with a swift and convenient payment solution, enabling them to shop at any QR Ph-enabled merchants nationwide.

Skyro Pocket serves as a flexible line of virtual credit provided exclusively to existing Skyro customers, offering personalized limits and accessible through the Skyro app. These credit limits can be further increased based on the customer’s timely repayment patterns and track record.

This new feature is compatible with a wide range of QR Ph codes, enabling customers to conveniently make payments at any store. Whether it's a printed or virtual QR code, Skyro Pocket accommodates both modalities. This compatibility extends to popular e-payment platforms such as GCash, Maya, or BDO QR codes, ensuring integration with various merchants and payment systems.

Arsen Liametov, co-founder and co-CEO of Skyro, shared his excitement: “Skyro Pocket empowers our customers to shop with ease, flexibility, and peace of mind while rewarding responsible financial behavior. We at Skyro are committed to pushing the boundaries of financial technology, empowering users and the Filipino community to thrive in today's digital economy.”

Eligible customers may enjoy an interest-free period of up to 45 days, allowing convenient repayments without incurring charges. For those with remaining balances, the customers may opt to have a minimum payment equal to 10 percent of their credit limit. Additionally, customers can make a free deposit once every month to settle their credit line balance, with subsequent deposits each incurring a nominal transaction fee of ₱25.

Access Skyro Pocket in just a few easy steps:

●       Navigate to the Skyro app and locate the Skyro Pocket feature.

●       Review the loan agreement and confirm by checking the box.

●     Click the "Sign the Agreement" button and enter the SMS code received on your registered mobile number.

Sergey Donskikh, Skyro's head of customer experience, underscored the company's dedication to delivering financial solutions that elevate both financial management and the shopping journey. He expressed, “At Skyro, ensuring seamless and innovative financial solutions is central to our mission. We're committed to providing a satisfying customer experience that transcends mere financial transactions, extending to enhancing their overall shopping experience as well.”

Skyro Pocket users may also enjoy the first six months free of charge, followed by a nominal fee of ₱ 59 per month thereafter.

Skyro is a fintech company duly licensed and supervised by the Securities and Exchange Commission (SEC).  To learn more about digital financial products from Skyro, visit its official website www.skyro.ph. Follow its official Facebook and Instagram accounts to know more about its latest promos and offerings.

Skyro reports strong 2023 performance, expected to triple in 2024 as it expands digital financial offerings for Filipinos

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Skyro, a fast-growing fintech provider in the Philippines, continues its commitment to transform the local financial landscape by delivering accessible and affordable digital financial solutions to Filipinos.

Skyro is committed to empowering more Filipinos by offering a range of digital consumer finance products such as product loans, cash loans, and other lending products designed to meet the diverse financial needs of Filipino consumers. These solutions offer a streamlined process, competitive rates, and diverse payment options, providing customers with flexibility and convenience.

Achievements and Business Performance in 2023

In just under two years since its inception as a fintech startup, Skyro has achieved significant milestones and business performance in the fintech industry by the end of last year.

Skyro has recorded significant growth in both applications and usage as it gains traction among new markets and diverse user groups. Notably, in 2023 alone, Skyro achieved an average Compound Monthly Growth Rate of 50%, a testament to the rapid trust and adoption placed in the company’s innovative financial solutions.

Skyro's mobile app had an increase in its number of new and active users by 82.5%, leading to a proportional rise in total app downloads and usage. The brand has grown its network with over 500 partner merchants and a presence in over 2,500 stores nationwide. It has also expanded its workforce from less than a hundred to more than a thousand employees.

Its product loan solution has shown exceptional growth in 2023, generating substantial results more than its initial value. Similarly, the cross-sell products have delivered remarkable outcomes in usage.

Outstanding Performance Under Expert Leadership

Skyro’s co-founders and co-CEOs Nasim Aliev and Arsen Liametov have been instrumental in the company's growth and success.

With a strong experience in financial technology and business development, Aliev oversees key areas such as sales, partnerships, marketing, and customer acquisition, garnering trust from both customers and partners. On the other hand, Liametov is focused on optimizing Skyro's offerings, utilizing his extensive understanding of fintech products and operations. His main areas of expertise include ensuring smooth integration and efficient functioning of Skyro's digital services, all with the goal of meeting market demands while delivering maximum value to Filipino customers.

"At Skyro, our mission is to bring joy into every interaction our customers have with our financial products," shared Nasim Aliev. "We prioritize accessibility, simplicity, and flexibility, supported by an exceptional customer experience. By leveraging a compelling model, we've managed to reduce risk two-fold while achieving profitability, showcasing our strategic foresight and commitment to sustainable growth. We want to create a future where every Filipino has access to the right financial tools and knowledge for achieving success.”

Liametov added, "Our dedication to innovation and customer satisfaction remains unwavering. With a focus on continuous improvement and expansion, we're poised to reach new heights in 2024 and beyond. Skyro is committed to empowering individuals with the financial solutions that would cater to their ever-evolving needs and lifestyles."

Looking ahead to the rest of 2024, Liametov said, "As we anticipate the year ahead, we're filled with optimism, expecting even greater growth and impact for Skyro."

Skyro aims to continue its impressive trajectory into 2024, with expectations of tripling its growth and onboarding half a million customers by the year's end. This ambitious goal underscores Skyro's commitment to expanding its reach and impact in the digital financial landscape of the Philippines, further solidifying its position as a key player in the industry's evolution.

Skyro is a fintech company duly licensed and supervised by the Securities and Exchange Commission (SEC). To learn more about digital financial products from Skyro, visit its official website www.skyro.ph. Follow its official Facebook and Instagram accounts to know more about its latest promos and offerings.

About Skyro
Skyro is a fast-growing fintech company based in the Philippines, offering a range of digital consumer finance products such as product loans, cash loans, and other lending products designed to meet the diverse financial needs of Filipino consumers. Launched in August 2022, Skyro has since grown to encompass over 2,500 partner merchant stores and serve nearly 200,000 customers in just under two years of operations in the country.

Focused primarily on digital consumer lending products, Skyro has rapidly emerged as a trusted name in the Philippines, catering to the evolving needs of the market. It is backed by Breeze Ventures, a Singapore-based global fintech venture that is expanding into the fast-growing and emerging markets in Southeast Asia.

Skyro's local operations are powered by Advanced Financial Solutions, Inc. and Jungle Lending, Inc., which are regulated by the Securities and Exchange Commission of the Philippines. Learn more about Skyro through www.skyro.ph

 

Top self-service payment kiosk provider in the Philippines bullish on outlook in 2024

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eTap Inc., the leading self-service payment kiosk provider in the country with 70% of the market share is bullish on its outlook in 2024.

The people behind the wholly-Filipino owned company noted that innovations and its passionate commitment to reach out and tap the unbanked segment of the PH population propelled the company to be the leading self-service payment kiosk provider in the Philippines today.

(R-L) Mr. Percy Hernandez, President and CEO of eTap, Inc. with Mr. Marlon Portugal eTap, Inc. COO shared about the plans of the country’s leading self-service kiosk provider in the country, at the launch held in Mandaluyong City.

Leveraging on eight years of groundbreaking solutions, eTap Inc. has consistently stood as the number one choice by leading brands providing accessible and convenient financial services in the country.

"At eTap, we believe in the transformative power of technology to uplift communities. Our self-service payment kiosk system is more than a convenience; it's a gateway to financial independence for the unbanked. We are dedicated to providing excellent customer service to ensure that every individual feels supported on their financial journey," shares Percy Hernandez, CEO of eTap Inc.

Founded in 2015, eTap Inc. has been guided by a dedicated team of visionaries committed to shaping the future of financial accessibility. The faces behind eTap are passionate advocates for financial inclusivity and innovation zeroing in on the unbanked sector of the PH population.

eTap is passionate about creating solutions that cater to the unbanked lower sector, ensuring financial services are within reach for all. eTap Inc.'s self-service payment kiosk system offers a wide range of services, from bill payments to ticketing, providing users with an intuitive and efficient way to conduct transactions. The user-friendly interface ensures a hassle-free experience, making it accessible to all demographics.

It is dedicated to shaping the future of seamless transactions with its state-of-the-art self-service payment kiosk system. Leveraging innovative technology, eTap Inc. aims to simplify and enhance the customer payment experience across various sectors. In 2024, eTap will further expand to reach out to the unbanked from far flung communities.

To complement its wide range of self-service payment kiosk system, eTap Inc. formed its subsidiary, eTap Solutions; which is dedicated to deploying and operating its own machines for the retail, food, services, and transport industries to fast-urbanizing cities nationwide. eTap Solutions is poised to set a new benchmark for reliability and functionality in the industry.

For more information about eTap Inc., please visit etapmo.com.

More than an e-wallet: GCash equips MSMEs to thrive in the digital economy

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GCash, the Philippines’ number one financial super app, empowers micro, small, and medium enterprises (MSMEs) to take on opportunities and navigate through the digital economy through its fintech solutions.

A local market vendor in Baguio benefiting from GCash’s effective fintech solutions

“This MSME month, GCash underscores its key role in helping businesses in the country level up through our extensive suite of digital financial services. From affordable lending for business expansion; business insurance to protect their assets and operations; as well as cashless transaction tools to help them reach more customers – GCash is evolving to becoming more than an e-wallet,” said Ren-Ren Reyes, President and CEO of G-Xchange, Inc. (GXI), the mobile wallet operator of GCash.

GCash offers GLoan which provides instant cash loans to kickstart business goals; and GInsure, through Negosyo Insure of its partner, Malayan Insurance, to protect hard-earned investments. Business owners can also enjoy seamless payment experiences with Scan-To-Pay, enabling easy QR code payments offline.

Easy access to loans for entrepreneurs

GLoan boasts of an easy application process as it considers users’ in-app behavior to provide them with pre-approved loans. Eligible users can easily access GLoan and use the funds to start or expand their business.

35% of GCash’s borrower base are business owners and it’s looking at providing 1.5 million more informal sellers with lending solutions to help grow their business.

Business Protection made affordable and accessible

GCash also understands that starting businesses may be risky, that is why the super app has made available, via GInsure, Negosyo Insure, underwritten by Malayan Insurance and powered by Igloo. For as low as PHP525 per year, MSMEs can be assured of secure and insured business operations for accidents that may happen to them, their property, and even their money.

GInsure can easily be accessed through the GCash app, with minimal requirements and steps for processing.

Additional income made easy via GCash PO

GCash has also created a way for sari-sari store owners to grow their business by earning as much as Php 50,000 per month, through commissions or bonuses earned as a GCash Pera Outlet (PO). This not only enables small businesses to grow, but also helps locals have a convenient one-stop-shop in their communities so they may avail of GCash’s services such as Cash In, Cash Out, Pay Bills, and Send Money.

Signing up for this has been made simple in the GCash app - all one has to do is click “GCash PO” under business services on the GCash dashboard, fill up the application form and submit along with business registration. Approval will be released within five (5) to seven (7) business days.

“In line with our mission to achieve 'Finance for All', we make sure we are able to pave the way for our MSMEs to meet their business goals. To date, we are empowering 845,000 small-scale community merchants from public market vendors, to sari-sari store owners, and tricycle driver associations,” added Reyes.

Bayad and Cebuana Lhuillier Intensifies Partnership By Offering Real-Time Bills Payment Services

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Bayad, the trusted multi-channel payment platform provider in the Philippines and Meralco’s full service fintech subsidiary has intensified its partnership with Cebuana Lhuillier, one of the leading micro financial service provider companies in the Philippines. Through its proactive alliance, Bayad enables Meralco bills payment in over 3,000 Cebuana Lhuillier branches across the country.

Apart from Meralco, Cebuana Lhuillier targets to onboard more biller brands through Bayad’s extensive network of biller partners that will eventually extend across Cebuana Lhuillier’s digital platform, enabling an easier, more efficient, more convenient, and seamless one-stop shop solution for its clients.

Bayad President and CEO, Lawrence Y. Ferrer shared “Bayad’s partnership with Cebuana Lhuillier ultimately amplifies our vision of elevating the quality of living of Filipinos as we usher in more real time bills payment services. We are committed to empower businesses like Cebuana Lhuillier by sharing our vision and strategy in advocating for digital financial inclusion”.

Cebuana Lhuillier President and CEO Jean Henri Lhuillier also stressed. “Cebuana Lhuillier has always been committed to offer convenient micro financial solutions to our clients, and partnering with the biggest and widest multi-channel payment platform in the country will surely optimize one of our essential services. As we continue to expand our network and improve our digital payment facilities, we will provide our clients more convenient options for their bills payment needs.”

For fintech institutions that are interested to be part of Bayad’s extensive channel network, you may send an email to partnerships@bayad.com or call at +63 998 963 7880. Bayad enables partners to attain a nationwide presence and provides end-to-end support services for efficient payment and collection processing.

UnionBank clients can now seamlessly do direct cash-in to their Shopee and Lazada wallets!

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UnionBank clients can now do their online shopping more conveniently through the country’s major e-commerce giants Shopee and Lazada -- by directly cashing-in their e-wallets. This new option opens another channel for Bank customers to do their online transactions seamlessly.

Surely, buying essentials online has never been this easy! Shopee and Lazada buyers can now easily cash-in, in real-time from their UnionBank accounts. Customers also enjoy discounts and added benefits with their online purchases, for every top-up transaction.

This was made possible with the collaboration of tech-savvy ShopeePay, Lazada Wallet and UnionBank, combining the power of three digital leaders.

“These partnerships are timely especially now at a time when e-commerce and cashless transactions are exponentially rising. This ensures Filipinos can participate in the headwinds of innovation and a better, more seamless customer experience as a result.” shared by Erika Denise Dizon, UnionBank FVP and Head of Fintech Business Group.

Here’s how it works. To cash-in your ShopeePay using UnionBank Online Banking, go to ShopeePay Wallet, select Cash-in, enter the amount, select online banking as the payment method, and choose UnionBank. You will then be directed to the Bank’s online banking to confirm the transaction.

For Lazada Wallet, click the wallet icon on the upper right portion of the homepage. Select the cash-in button, enter the amount, and select “Add UnionBank account” in the Cash-in Methods page. You will then be directed to the Bank’s online banking site for confirmation of the transaction. Then enjoy shopping!

PH, SG sign agreement enhancing ASEAN digital payment cooperation in World Fintech Festival

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BSP-MAS CA benefits MSMEs, OFWs, tourism, payments, cybersecurity

The Philippines and Singapore deepened their fintech-based relationship with various cross-border collaborations that will strengthen ASEAN regional payments and provide financial inclusivity to Overseas Filipino Workers (OFWs) and micro-small-to-medium-sized enterprises (MSMEs).

During the recent World Fintech Festival Philippines (WFF) 2021 - Singapore Fintech Festival (SFF), Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon signed the expanded Fintech Innovation Function Cooperation Agreement. One highlight was the linkage of the two countries’ QR and real-time payment systems. In his statement following the signing ceremony, Gov. Diokno said that "the BSP is taking the initial step in linking the Philippine payment system with those of our ASEAN neighbors, beginning with Singapore.” He added that the agreement will enhance safe, efficient cross-border payments through smoother and seamless international fund transfers. Managing Director Menon called it “a concrete step towards the vision of an ASEAN network of interconnected real-time payment systems."

(Upper row, L-R): Bangko Sentral ng Pilipinas Governor Benjamin Diokno; Ravi Menon, Managing Director, Monetary Authority of Singapore; Bangko Sentral ng Pilipinas Assistant Governor Edna Villa

(Middle row, L-R): Michelle Ong, Leading Business Journalist as Host and Moderator; Bangko Sentral ng Pilipinas Director Raymond Estioko, Payments System Oversight; Carmelita Araneta, General Manager, Philippine Payments Management Inc.

(Bottom row): Leila Martin, President and CEO, Overseas Filipino Bank; Todd Schweitzer, CEO of Brankas; Amor Maclang, Convenor, Digital Pilipinas

MAS’ launch of regional tech platforms strengthens the growth of ASEAN cross-border transactions: Proxtera, which enables seamless trading for SMEs; the non-profit open-architecture API Exchange (APIX) which supports ASEAN and global financial innovation and inclusion; and Oxygen, APIX’s knowledge-upskilling platform that provides masterclasses from industry experts.

SFF 2021’s discussions are shaped by new changemakers as well as central banks’ impact-makers, policymakers, and financial gurus. MAS Chief Fintech Officer Sopnendu Mohanty gave one advantage of this approach for MSMEs: “We are democratizing the unique and valuable content into a signature knowledge certification program and a special SME day with an upskilling programme.”

Amor Maclang, Digital Pilipinas Convenor, expressed support for the enhanced BSP-MAS Cooperation Agreement through “the whole-of-society approach in solving today's and tomorrow's technological needs.” Digital Pilipinas, which helped launch WFF 2021 with the MAS, will “continue to be at the service of both the BSP and MAS as this agreement is a very important pillar in tech-ing up our country,” said Maclang.

Tech education and certification

Digital Pilipinas is a national movement that solves Philippine industry-wide challenges through digitalization, tech education with certification, and the creation of industry sandboxes. With the support of the Department of Trade and Industry, its program Business Without Borders and its partnership with Proxtera will connect SMEs with the greater ASEAN network. The upcoming Digital Pilipinas Academy will hold educational micro-certification courses on the blockchain; its academic program, the Incremental Industry-Driven Technology Education Resources Authentication Testing Ecosystem (I-ITERATE), will feature courses on Open Finance, Fintech, and other nascent technologies.

With the BSP and MAS models serving as their guide, the sandboxes that Digital Pilipinas will develop with national line agencies can accelerate innovation in alignment with regulatory policies. Digital Pilipinas’ partners in this initiative are Proxtera, APIX, and Oxygen.

Safe, secure, and swift digital payments

Through Business Without Borders, Digital Pilipinas will operationalize plans for tech-ing up entrepreneurs and connect MSMEs with international trade. Its opening up of the ASEAN market to local companies through digital gateways is in alignment with the BSP-MAS’ updated Cooperation Agreement.

Built on an earlier 2017 agreement between the BSP and the MAS, the updated Cooperation Agreement will also provide opportunities to the tourism, payments, and cybersecurity sectors. Raymond Estioko, BSP Director for Payments System Oversight, said that the 2021 agreement will make cross-border payments “cheaper, more inclusive, and more transparent."

BSP Assistant Governor Edna Villa named another new development: “Collaboration specifically on payments innovation and the linking of the two payment systems of the Philippines’ InstaPay and Singapore's PayNow."

Brankas CEO Todd Schweitzer described how the alignment of financial access and tech education can improve the lives of underserved Filipinos: “Allowing them to connect to the new payment systems can help drive financial inclusion. This can be beneficial to OFWs in their decisions about which insurance product fits their needs."

Carmelita Araneta, General Manager of Philippine Payments Management Inc. (PPMI), acknowledged that economic and tech “power is starting to move in Asia.” Their P2M (Person-to-Merchant) system is designed to connect with Singapore-based OFWs who are Instapay users.

Leila Martin, President and CEO of OFBank, acknowledged that through the new BSP-MAS digital payment network, OFWs “can look forward to a strong, enabling environment that will ensure that cross-border payments are safe and devoid of fraud.”

The BSP-MAS extended Cooperation Agreement and the new Digital Pilipinas partnerships are expected to trigger more collaborations across the ASEAN. As Maclang put it, “They will help speed up cross-border financial transactions between the Philippines and Singapore, and move Philippine industries forward towards economic integration among the ASEAN.”

UnionBank attributes DX success, innovation in part to BSP's openness

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Embracing digital transformation early on, Union Bank of the Philippines (UnionBank) continues to blaze the trail and excite customers with innovative solutions driven by technology and co-creation. Henry Aguda, Senior Executive Vice President, the Bank’s Chief Technology & Operations Officer and Chief Transformation Officer, cites how enabling and essential it is to have your regulator’s support.

"A lot of people claim that if you're in a heavily regulated industry, you won't be able to become agile. Worse, the regulators may stand in the way," Aguda articulated as a panelist during the recently concluded IBPAP International Innovation Summit. But he was quick to say, "Strangely enough, they're the ones encouraging us to innovate."

UnionBank attributes its success in digital transformation and innovation in part to the openness of the Bangko Sentral ng Pilipinas (BSP), which has been opening an environment that is conducive to thinking outside of the box. "I think regulation would normally be the blocker, but fortunately enough, the BSP has created a sandbox for experimentation, like UnionBank's API platform, and open finance experiments," Aguda said.

Another example is the BSP's push for digital payments. It was in late 2017 when the banking regulator launched the National Retail Payment System (NRPS), providing the framework for the modernization of retail payments in the country.

"Prior to the pandemic, the BSP already pushed for the NRPS. It was actually the BSP who was saying, 'hey, we should go to digital payments.' There was some resistance in the industry, but UnionBank signed up for it early. Now, BSP is looking into how to create a responsible regulatory framework for digital currency."

Aguda also mentioned a UnionBank experience with the BSP, reflecting its openness to innovation and willingness to collaborate despite tight timelines, with the customers’ benefit in mind.

"During the pandemic, we had to send out a new product that will allow us to launch an app that will enable our customers to cash out in 11,000 counters nationwide. And the framework for us to execute that, as well as the product approval -- we got that covered in a matter of two weeks. We apologized to the BSP team because we had to work with them over the weekend, up to 11 in the evening. So, talk about a regulator who's responsive to the times."

"Fortunately, our regulators don't stand in the way of moving quickly towards the goal of a more digitized financial industry," Aguda concluded.

Achievements, future projects take the spotlight at UnionBank’s E-TalkTales year-ender event

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In celebration of its numerous accomplishments and milestones this past year, and to give a small preview of what its customers can expect in 2022, Union Bank of the Philippines (UnionBank) held another iteration of its long-running virtual media roundtable series E-TalkTales last December 15.

During the virtual event, UnionBank Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda talked about some of the Bank's achievements for the year, while the Co-Founder and CEO of UnionBank's digital-native banking arm UnionDigital, Arvie de Vera, talked about the role that the newly formed digital bank will play in UnionBank's digital transformation journey going forward.

Aguda began the discussion by recounting how UnionBank's digital transformation journey has enabled it to brave 2020 and the equally challenging 2021. "The pandemic created this shift to digital, which we now refer to as the “new digital normal”. We changed the way we live, the way we travel, the way we interact with one another, and basically we've changed forever in terms of how we transact in the financial sector."

"But even before the pandemic, UnionBank already had this forward-looking view that digital is the way for us to move forward, and when the pandemic hit, not only did we survive, but I'm happy to say that the Bank actually thrived," according to Aguda.

He then highlighted the top 10 most notable achievements of UnionBank in 2021. These include being the only publicly listed Philippine bank to be granted a license to operate a digital-native bank; the successful groundbreaking of the UnionBank Innovation Campus, the country's first-ever learning institution focused on digital innovation; and having 21 patents for its innovative offers already approved and 18 more on the way.

Other notable achievements include the integration of Instapay 2.0 into its digital banking platform; the successful launch of the UnionBank SME Banking App; the launch of wealth management educational campaigns including the NextGen Academy; significant user growths for UBX’s platforms SeekCap, Bux, and Sentro; and the significant increase in its customer base to almost 10 million to date, from just nearly 7 million as of end-2020.

Meanwhile, de Vera provided a quick introduction to UnionDigital. UnionDigital is one of only six financial institutions in the Philippines that have officially been granted digital banking licenses by the Bangko Central ng Pilipinas to date. As UnionBank's digital banking arm, UnionDigital will focus on delivering banking and financial services to underserved sectors which the parent bank is not able to optimally cater to.

"While UnionDigital aims to empower the country's digital economy, we also aim to elevate it by bringing trust and governance into the space. We embrace innovation like a fintech, but offer all the powers, experience, and track record of a fully regulated bank,” de Vera said.

“At the heart of our work will always be the desire to provide our customers with what they want and what they need, while ensuring that they have what they need in terms of security, compliance with regulation, and proper governance," de Vera added.

In terms of what customers can expect from the Bank and its subsidiaries in 2022, some of the things that Aguda and de Vera gave a sneak preview of were the Bank's possible foray into non-fungible tokens (NFTs), several new solutions aimed at helping workers in the thriving gig economy through EON, and participating in the growing interest and opportunities relating to the metaverse, just to name a few.

UnionBank Chief Marketing Officer Albert Cuadrante capped off the event with a promise that the Bank will continue to do even better in 2022 in terms of delivering great customer experience across channels and platforms. He also reiterated that "UnionBank’s goal is not just to help people survive, but to actually enable them to thrive in this new environment through the latest financial technologies; staying true to our commitment to “Tech-up Pilipinas!”

"I hope you are as eager as I am to welcome 2022. What I can promise you is that what you heard today is just the tip of the iceberg. There’s a lot more exciting news you can look forward to from UnionBank," Cuadrante concluded.

UnionBank CTO recognized as one of the biggest names in Data in the world

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Industry leader Informatica has recently named Union Bank of the Philippines (UnionBank) Senior Executive Vice President, Chief Technology and Operations Officer, and Chief Transformation Officer Henry Aguda as one of the thirteen globally recognized recipients of the first-ever Informatica Chief Data Officers (CDO) Awards.

Informatica has chosen its 13 awardees and honorees in its Awards across four categories, based on Informatica’s archetypes for data-driven leadership. Namely, these categories are the “Governance Gurus”, “Digital Innovators”, “Operational Optimizers”, and “Analytics Champions”.

Aguda was recognized as an honoree under the “Digital Innovators” category. He was recognized "for achieving 12x higher revenue by empowering customers to use digital banking services on mobile devices".

As a result of its incredibly fast and effective digital transformation, UnionBank is seeing strong evidence of financial inclusion: its customers are spending 6 times as much and maintaining 4 times higher outstanding balances, translating to 12 times higher revenue for the bank.

“I am very honored to receive this recognition from Informatica. Rest assured that we in UnionBank will continue to be at the forefront of digital innovation in the financial industry, both in the Philippines and in the region as well. This award is again dedicated to all UnionBankers who all believe in the responsible and effective use of data to serve our customers.” said Aguda. Aguda has been instrumental in the digital transformation journey of UnionBank leading several projects that aim to achieve the Bank’s ultimate goal of enhancing financial inclusion in the country.

Informatica is a software development company based in California that has launched several initiatives this year for the CDOs, who they consider as innovative business leaders. One of these initiatives is the CDO Awards that Informatica promises to be a new annual tradition. This event aims to acknowledge data-driven leaders who spearhead the new wave of innovation, as well as value creation in this data-led culture.

Nowadays, CDOs are appointed in two of three Fortune 1000 organizations. CDOs acknowledge the relevance of data as a strategic asset, and they are expected to manage and grow data-driven organizations and implement digital transformations while keeping up with day-to-day business needs.

#TooGoodToBeNo2: PayMaya offers surprisingly better e-wallet features

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Digital transactions are here to stay and fintechs like PayMaya are making it easier to go cashless. The country's leading digital financial services platform is the only fintech in the Philippines that runs a consumer e-wallet app, an enterprise payment processing business, and a remittance agent network with Smart Padala.

While its consumer app may not be the no. 1 e-wallet right now, its superior features make it #TooGoodToBeNo.2. If you haven’t tried out using the PayMaya app yet, you're definitely missing out on some of its surprisingly better features that could make your everyday transactions a whole lot easier.

From its free cash in channels to 99.9% uptime, you'll be surprised at how these nifty features can bring ease, convenience, and even savings whenever you go cashless.

Most number of FREE cash in channels

To start, PayMaya offers FREE cash in at 90,000, out of its over 110,000 cash in touchpoints nationwide. Going cashless is supposed to make your essential transactions more convenient and this is exactly why PayMaya is aiming to remove this barrier. Compared to other e-wallet apps, you don’t have to worry about having to pay up to P200 in cash in fees just to put funds in your e-wallet account.

Cashing in for free is easy too! However you want to cash in to your PayMaya account, there will always be a FREE way to do it – whether it’s at the sari-sari store with Smart Padala in your street, at your go-to convenience stores like MiniStop, or Supermarket like Robinsons Supermarket, or through online transfers from your bank account via Instapay or via a linked BPI, RCBC, or Unionbank account.

Apart from cashing in for free, sending money to other PayMaya account users is also free - and when you transfer funds from PayMaya to a bank account via Instapay, you can earn a cashback of P15 to cover your fee until the end of the year! To get a full list of PayMaya’s free cash in channels, simply tap the ‘cash in’ button on your app’s homepage, and check out the icons with the ‘no fees’ sticker.

Widest billers and load items

Once your account is funded, you can now use it to pay for your everyday needs – from online and in your favorite stores, to in-app - where you can access the widest selection of over 1,500 billers and load items.

PayMaya offers easy access to everything you need to pay – utility bills, condo association dues, credit card payments, government dues, and more – all with a few taps on your PayMaya app. It also gives you access to hundreds of digital goods – from prepaid load, gaming pins, digital subscription packages, and even digital vouchers for yourself or as gifts to your loved ones. Whatever you need to pay or purchase, you can easily find it within a few taps on your PayMaya app.

Safer online shopping

With PayMaya, you also get to ensure that you're only purchasing from legit sellers - whether you're shopping at the in-app Maya Mall where you can access over 360 of your favorite brands or dealing with a PayMaya verified casual seller!

With Maya Mall, you get to access a wide selection of brands in-app - from your favorite fastfood chain to your go-to grocery sites, and shop worry-free because these merchant partners are guaranteed legit!

PayMaya has also made sure that buying from casual sellers who are also PayMaya users is easy and safe - with the introduction of PayMaya Verified Sellers. Now, you can easily check if the seller you're paying is legit - all you have to do is check for the Verified Seller badge on the app's confirmation screen right before you pay. You can also see the list of PayMaya Verified Sellers on the Maya Mall.

Real-time transaction history and notifications

With all these everyday transactions done in your app, PayMaya understands how important it is to be able to keep track of your transactions in real-time. Need to check if your payment pushed through so you can confirm with the seller? Unlike other apps, you don’t have to wait 24 hours for it! PayMaya allows you to track your transactions in real-time right on the app.

Not only does this feature give an additional layer of security – allowing you to ensure that your transactions have pushed through as they should, it also gives you peace of mind – knowing that you’re able to easily monitor your transactions as it happens.

Most reliable with 99.9% uptime

Various finance and e-wallets apps offer trendy features but what good would all these do if your app is on downtime? Lucky for you, you don't have to worry about that because PayMaya won't let you down - 99.9% of the time.

With PayMaya's 99.9% uptime rate, you can ensure that your transactions will go through whenever you need them. No more waiting for hours for your e-wallet's system maintenance to be over, no more wondering whether or not your much-needed transaction went through. If you’re looking for a trustworthy and reliable e-wallet, PayMaya’s here for you.

No PayMaya app yet? Registering a PayMaya account is easy. All you need is your phone and mobile number to sign up. Once you’re ready to upgrade your account to unlock more features like sending money to other users and withdrawing your funds from an ATM, all you need is a primary ID such as your license, passport, or other official government cards, and a quick video selfie.

Sign up today and get 100% cashback on your load or gaming pin purchase when you cash in a min. P100. You can even get up to P200 if you upgrade your account.

These nifty features are bound to make your cashless experience a whole lot better. But don’t just take our word for it. Register to PayMaya now and experience its surprisingly better features for yourself. For more details, visit www.paymaya.com.

Boosting user growth and expanding partnerships keys to financial inclusion for Filipinos

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Boosting user growth and expanding businesses are the key strategies to achieving financial inclusion for Filipinos.

This was one of the significant points highlighted by GCash, the country’s no. 1 e-wallet, during the Digital Pilipinas 2021 launch, a forum that is part of the annual World Fintech Festival which brings together Southeast Asia's technology champions.

According to Winsley Bangit, GCash chief customer officer who was one of the speakers during the forum, while GCash has more than 44 million registered users to date, there is still a large opportunity to serve the general public and the underbanked. As such, GCash strives to continuously democratize financial services and innovate on game-changing products for credit, savings, investments, and insurance ensuring that these are accessible, affordable and easy to understand for everyone.

“We do acknowledge that the Philippine market is unique. So at GCash, we are pro-customer with a ruthless focus on the Filipino consumer as we are grounded on improving the everyday lives of Filipinos,” said Bangit. “For this reason, we work with global best practices, world class platforms and partners to serve our customer better.”

On the app, users can make use of GSave, an online savings bank; GInvest, an easy investment feature; GInsure for insurance for medical emergencies such as dengue, COVID-19, and accidents; GCredit, a personal credit line with up to P30,000 credit line and up to 3% prorated interest rate. As a superlife app, GCash also has GLife, the e-commerce feature on the GCash app that allows users to shop exclusive deals from 35 brands across retail, food, gaming, entertainment, and transport.

GCash has formed key partnerships with financial services institutions and with more than 600 billers nationwide to offer relevant and affordable products to customers. CIMB, Atram, and Singlife, for example, have helped GCash launch more affordable financial solutions.

GCash has also partnered with Ant Group Financial, which allowed the app to have access to global and best-in-class platforms and capabilities, enabling GCash to scale up rapidly, while ensuring user security.

Meanwhile, Globe Telecom, known for its nationwide reach in mobile and network, has helped GCash quickly expand its reach and provide exclusive promos to Globe subscribers while Ayala Corporation has opened opportunities for GCash to partner with companies across varying industries.

GCash remains focused on its efforts on nation-building and financial inclusion for all Filipinos and will continue to drive innovation by bringing to life its purpose of making Filipino lives better every day, focusing on its customers, and ensuring the development of its employees to deliver only the best for its users.

Bangit concluded, “Fintech in the Philippines is a very enticing space to be in right now especially with the increased demand for digital financial services. We’re at the forefront of innovation.”

For more information, visit www.gcash.com.