Lessons from Israel: How to Build a Start Up Nation

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Israel has become a focus of companies seeking to diversify and globalize their innovation strategies. Global companies are tapping into Israel’s innovation pipeline. 

Israel’s innovation sector is an irresistible magnet for many of the world’s largest companies. The country has become a vibrant high-tech laboratory where global companies are testing new models for innovation, including hackathons, innovation labs, and other forms of networking and collaboration.

Israel, while located in the oil-rich Middle East, lacked natural resources which results in limited opportunities for growth. To address this problem, Israel turned their efforts toward investing in their people and focusing on the development on innovation industries.

L-R: Minju Park, TechUp Tuesdays host and Account Director at GeiserMaclang Marketing Communications Inc., Amor Maclang, TechUp Tuesdays panel moderator and Chief Marketing and Communications Officer at GeiserMaclang Marketing Communications Inc., and TechUp Tuesdays Panel: Miguel Cuneta, Co-founder of Satoshi Citadel Industries, Mary Rose Magsaysay, Chairman Emeritus of the Philippine Association of Digital Commerce and Decentralized Industries and Fintech Advisor to CEZA, Justo Aboitiz Ortiz, President of the Blockchain Association of the Philippines and Chairman of UnionBank, Itamar Gero, President of the Israeli Chamber of Commerce in the Philippines, Gilbert Camasura, President and CEO of Asia Select, and Bryan Makasiar, Associate Director of TechUp Pilipinas and host of the recently held TechUp Tuesdays at The Ark by UnionBank.

With the world's highest number of startups per capita and the second highest number of registered patents per capita, Israel has been dubbed the Startup Nation - the innovation capital of the world.  World Bank statistics show that Israel spends 4.27% of their GDP on research and development, the highest in the world. Almost every Forbes 500 company has an R&D team based in Israel, a testament to the progressive and globally-trusted research and development atmosphere in the said country.

In the July edition of TechUp Pilipinas held recently, the tech communities of the Philippines and Israel birthed a collaboration and knowledge partnership to be principally led by the Israeli Chamber of Commerce in the Philippines and the Blockchain Association of the Philippines.

Justo Aboitiz Ortiz, the President of the Blockchain Association Philippines and Chairman of UnionBank, opened up the session by encouraging the community to learn from one another and build that ecosystem. "We have a tendency to play in our own sandbox and test and learn by ourselves. But we know that blockchain and other technology is moving very quickly and we need more innovation rather than less. We need to encourage the community to learn from the best practices happening in other countries and industry players and take inspiration from that."

Tech enthusiast, Amor Maclang, moderated a panel which included Itamar Gero, the President of the Israeli Chamber of Commerce in the Philippines, who discussed the environment and situation in Israel which allows for innovation and startup culture, Gilbert Camasura, President and CEO of Asia Select, who discussed the need to invest more in people, especially in tech, to make the Filipino workforce ready for the advances in technology, Miguel Cuneta, Co-Founder of Satoshi Citadel Industries, who discussed how quickly blockchain in the Philippines is growing and how Filipinos have a chance to be leaders in this field, and Mary Rose Magsaysay, the Chairman Emeritus of the Philippine Association of Digital Commerce and Decentralized Industries and Fintech Advisor to CEZA, who talked about how the community is formalizing and coordinating with the SEC and other regulators for the guidelines of this evolving economic financial tool.

Along with the partnership between TechUp Pilipinas and the Israeli Chamber of Commerce, the event also saw the joint announcement of the TechUp Pilipinas in Tel Aviv trip. TechUp Pilipinas in cooperation with the Israeli Chamber in the Philippines will be sending a delegation to the DLD Tel Aviv Innovation Festival (https://www.dldtelaviv.com/) in Israel this September. Fintech companies are welcome to apply to join the delegation. Aside from representing the country as a member of the Philippine delegation, the group will meet with tech companies in Tel Aviv for business matching. 

For more information on TechUp Pilipinas, future TechUp Tuesdays, and the delegation to Tel Aviv, please contact info@techuppilipinas.com .

UnionBank Launches The ARK , the first fully digital bank branch in the Philippines

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UnionBank officially launched The ARK, the first fully digital bank branch in the Philippines last November 27. UnionBank, consistent with its role as the technology-leader among banks in the country,  continues enhancing digital banking.

Using digital technology to augment an actual banking experience, The ARK by UnionBank delivers on its promise of a new digital platform experience in banking.

“The ARK was established by UnionBank to address the common pain points in banking. Falling in line, getting a number before being attended to, spending a lot of time in the bank which could have been used in, otherwise, more productive endeavors. It is also meant to satisfy the diverse and changing needs of our customers,” explained UnionBank President and Chief Operations Officer (COO) Edwin R. Bautista.

Bautista explained that The Ark provides an interactional experience rather than a transactional space.  It could also be used as a 3^rd space for different communities to get together.

The ARK, as a concept branch/ “lab,”also serves as a platform for the clients to co-create an ideal banking experience by closely looking into what the clients’ needs and wants when it comes to banking. 

Digital natives would find The ARK as the perfect bank branch that fits their lifestyle.

For non-digital natives, however, The ARK serves as their bridge that comfortably leads them from traditional to digital banking.

“The ARK provides a service unlike any other.  There are no lines, no numbers, hardly any forms to fill up, just highly-trained bank ambassadors ready and happy to give personalized service to each and every client. Every client here receives the proverbial VIP service,” Bautista adds.

At The ARK, a client is treated like a guest, welcomed by the bank ambassador who hands him a tablet to select his transaction.  The bank ambassador may usher the guest to the coffee area where he could enjoy his espresso while waiting for the bank ambassador to facilitate his transaction. The guest will also be able to maximize his time while at The ARK and do some work as the branch is equipped with high-speed internet.  Customized and comfortable seats are provided for The ARK guests.

UnionBank Chairman and Chief Executive Officer Justo A. Ortiz said that it should not come as a surprise for UnionBank to come up with The ARK, which is seen as the bank of the future.

“UnionBank trailblazed digital banking in the Philippines and we continue with our efforts to use technology and enhancing digital banking capabilities in order to provide the best customer experience for our clients,” Ortiz said.

UnionBank has recently been awarded as the Best Digital Bank at the Asiamoney Banking Awards 2017, held at The Ritz-Carlton in Beijing, China, last September 26, validating its position as the best digital bank in the country.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier graced the launch of The ARK and hailed UnionBank for its future-ready innovations which are at par with international banking standards. 

Fonacier said that BSP believes in financial technology as both an opportunity and a challenge to the banking sector. 

BSP records show that 25% of current bank clients use mobile banking technologies in their transactions and this number is predicted to grow exponentially over the years. 

“Our banks need to be equipped with sound digital strategies for them to cope up with these digital innovations to better serve their clients. BSP will also be aggressively pursuing reforms to support our banks through an enabling regulatory environment,” Fonacier adds.

The ARK is located at the Insular Life Building at Ayala Avenue corner Paseo de Roxas in the Makati Central Business District.