UnionBank holds 10th E-TalkTales focusing on ‘People Tech’ advocacy

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Union Bank of the Philippines (UnionBank) held its 10th E-TalkTales media event last April 21, wherein the Bank talked about its people-centric digital transformation and how this has helped not only its employees but also external stakeholders in line with the Bank's goal of enabling inclusive prosperity in the country.

UnionBank Executive Vice President and Chief Human Resource Officer Michelle Rubio opened the discussion by talking about the Bank's successful digital transformation, which she attributed to its people. She then said that for digital transformation to succeed, organizations must focus more on equipping their workforce with the right skills and helping them become more agile, as this can give them more mileage than just investing in the latest software and equipment.

"Contrary to popular belief, digital transformation is less about technology and more about people. You can pretty much buy any technology but our ability to adapt to an even more digital future depends on developing the next generation of skills, closing the gap between talent supply and demand, and future-proofing your own and others’ potential,"Rubio said.

Rubio underscored the importance of continuously upskilling employees because of the possibility of skill sets becoming obsolete in a few years as a result of the rapid advance of technology, citing a recent study by multi-national advisory firm Deloitte that reported that many skills are expected to become obsolete in five years and may even continue to shrink as the world becomes increasingly more digital.

"UnionBank continuously upskills employees true to its commitment of growing and developing its talents and the talent community," Rubio said. "Holding on to its purpose of co-creating innovations for a better world, UnionBank was able to forge a strategy that could accelerate talent at any point of interaction with the Bank. This is called People Tech: people at the core, technology at the fore. Aligned to the Bank's purpose of co-creating innovations for a better world, UnionBank focused on People to make the transformation happen."

"People Tech advocates digital delivery to build capabilities and bring it to hyperspeed, allowing accelerated talent development and capability building inside and outside the organization," Rubio added.

In line with its People Tech advocacy, UnionBank has been successfully implementing various programs aimed at equipping people with the necessary skills for them to thrive in the digital workplace. One of these programs is the Xcellerator series, which offers accessible education not only to UnionBank employees but also to anyone outside the Bank who wishes to learn more about topics that are relevant in the digital world. Since introducing the Xcellerator series, the Bank has helped thousands of learners become more knowledgeable in different topics related to digitization, including blockchain, application programming interface, project management, digital marketing, data privacy, coding, and fintech, among others.

"Through Xcellerator, we advocate digital delivery through capability building, so that innovations may happen ensuring no one gets left behind. We 'tech-up' the Philippines by educating and mentoring our community members in emerging technologies, contributing to the higher purpose of co-creating innovations for a better world, possibly opening up opportunities for Filipino tech talents," said Special Projects Head for UnionBank's Fintech Group and Xcellerator Program Lead, Nix Syjuco.

Another highlight of the discussion were UnionBank's numerous initiatives aligned with the People Tech advocacy that have benefitted various external stakeholders especially during the COVID-19 pandemic. Among these are the GoBeyond Communities initiative, which encourages UnionBank employees to join community centric activities that are in line with their personal advocacies; the HEROES 2021 initiative in partnership with Thames International School that aims to train educators on how to conduct classes online; and the Climathon Online Ideation initiative which encourages people to help in the creation of solutions that address the most pressing issues today.

Speaking about the Bank's efforts to help enable inclusive prosperity in the country, UnionBank Vice President for Sustainability Dave Devilles said that the goal is to continuously change the way people see technology, and help them realize its potential to create lasting positive impact and how it can be used for the greater good.

"It's really about changing the mindset and moving the behavior, and we have witnessed how UnionBank has evolved from our desire to build capabilities internally, to share these, and to help communities and ultimately our country,"

Devilles said.

i2i Mobile ATM marks first year of providing digitally-enabled access to funds to communities

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i2i, the nation’s fastest growing payments and cash disbursement network, celebrates the first anniversary since the launch of its groundbreaking Mobile ATM solution. Developed and operated by UBX, UnionBank’s fintech spin-off, the i2i platform digitally enables financial institutions and other community based financial service providers to drive financial inclusion in the country. 

 

i2i Mobile ATM was a timely response to the pandemic and the need to digitally enable distribution and access to funds. In the last 6 months of 2020, i2i Mobile ATM volumes increased 3000% monthly. In 2021, i2i kicked off the year by welcoming over 1,300 new financial service providers and agents to the network via a joint venture with the Irish financial services technology giant Fexco. 

 

Robert Serdena, the owner of Rodhess Ticketing and Travel Services, i2i Mobile ATM’s first partner, said, “Salamat nalang at nakilala ko si i2i Mobile ATM. Malaking naitulong nito sa aking pangkabuhayan. Subalit hindi lamang sa pangkabuhayan, malaking tulong din ito sa aking mga kabarangay dahil hindi na nila kailangan mag-biyahe ng lima hanggang sampung kilometro para mag-withdraw sa pinakamalapit na ATM dito sa aming lugar.”  

 

i2i Mobile ATM provided significant support to communities and businesses during the pandemic. It brings ATM services to the community while providing an additional source of income for small businesses. Reducing travel and bringing cash distribution closer to home means safer access to funds while saving ATM customers time and money. 

 

One of i2i Mobile ATM’s sari-sari store owner partners, Elsie Dizon, said “Natutuwa ako kasi kahit wala pa akong isang buwan, nadagdagan ‘yung customers ko. At siyempre dahil naka-withdraw na sila, may pera na sila, namimili din sila ng ilang items sa tindahan ko. Masaya din sila kasi merong mas malapit at kahit sa ibang barangay, dito rin sila nagwi-withdraw sa akin. Nagpapasalamat ako sa i2i Mobile ATM dahil nadagdagan ang kabuhayan ko.” 

 

As community-based financial service providers, i2i Mobile ATM partners are essential for many, including pensioners. This at-risk population cannot travel to nearby towns or the nearest ATM, either of which could be several kilometers away. i2i Mobile ATM provides safer access to DSWD 4Ps & SAP program beneficiaries closer to home in far-flung or remote areas. At the same time, small businesses directly affected by the quarantine like travel & tour operators, sari-sari stores and carinderias have found an alternative line of business in the midst of the pandemic. i2i Mobile ATM has augmented the incomes of these entrepreneurs and SMEs who may now recycle otherwise idle liquidity for an additional source of revenue.  

 

More Filipino business owners are signing up for i2i Mobile ATM for additional income. The i2i team conducts webinars every 2 weeks to assist interested business owners. 

To learn more about i2i Mobile ATM, follow i2i and i2i Mobile ATM Philippines on Facebook. You may also visit https://www.i2i.ph 

UnionBank brings machine learning and artificial intelligence to aid financial inclusion

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In its mission to push for financial inclusion, Union Bank of the Philippines (UnionBank) now uses Machine Learning and Artificial Intelligence based scoring models to determine eligible loan applicants.

Banks have traditionally determined loan eligibility to micro, small and medium enterprises based on their credit history, collaterals and other financial information. This has meant that other factors were usually not taken into consideration when making loans available.

Using Artificial Intelligence and Machine Learning based scoring models, the bank has been able to include other means of determining the risk levels of loan applicants and thus make it possible for them to qualify when compared to just looking at traditional factors. The AI and ML based scoring models leverage on the patterns of customer behaviour by using alternative data points such as geographical metadata, socio, macro-economic and other publicly available data from the government.

“We are walking the talk. Everyone talks about financial inclusion but when it comes down to assessing eligibility, the measures used are the traditional one - thereby still excluding the same people we wish to include,” said Chief Mass Market and Financial Inclusion Executive Manuel Santiago.

UnionBank Business Loans is available in the SeekCap Marketplace. SeekCap is an online lending marketplace that allows Filipino business owners to access credit fast and easy, 24/7 . The marketplace is powered by UBX, the FinTech spin-off of UnionBank.

UBX chief to utilize expertise in building-up start-ups as The Final Pitch Season 6 investor judge

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UBX President and CEO John Januszczak has recently joined the latest season of long-running, entrepreneurial-themed reality show The Final Pitch as an investor judge. This marks the very first that a fintech company joins the show and reflects UBX's continuous efforts in accelerating MSME success by incubating start-up businesses in the Philippines.

As an investor judge, Januszczak brings to the judging table an expansive wealth of knowledge and expertise in building start-ups from the ground up, which comes from his experience in leading UBX in its mission to support the country’s micro, small, and medium enterprises (MSMEs) and help them thrive in the digital economy.

As the fintech spinoff and corporate venture arm of Union Bank of the Philippines (UnionBank), UBX has been at the forefront of incubating start-ups and business ideas in the country by utilizing innovation and co-creation to deliver pioneering solutions that enable growth and expansion, empowering entrepreneurs and enabling their businesses to achieve their full potential.

Among these solutions is SeekCap, UBX’s online lending platform and the first online lending marketplace in the Philippines. Since its launch, SeekCap has processed over P1.5B worth of business loans and has helped more than 38,000 businesses, especially during the height of the COVID-19 pandemic when many of them needed financial support just to stay afloat.

There is also Sentro, the country’s first end-to-end e-commerce builder, which allows entrepreneurs to create their very own fully-featured online store even with little to zero tech know-how. More than 29,000 businesses in the country have successfully digitized their businesses thanks to Sentro, allowing them to thrive amid the recent growth of the e-commerce sector as a result of the pandemic.

Another industry-pioneering solution that is aligned with UBX’s efforts in incubating the next big Filipino entrepreneur is Bux, an end-to-end platform provides business owners with a wide selection of payment methods and channels depending on their needs or preference. To date, Bux has helped more than 100,000 businesses streamline their e-commerce payment process.

Through these solutions, UBX has become the biggest incubator of start-ups in the Philippines, giving burgeoning entrepreneurs secure footing in an era where being digital has become a must, made even more challenging by an unprecedented global health crisis. But these solutions aren’t the only capabilities of UBX when it comes to supporting start-ups.

“We’re very interested in investing in ideas, in founders, and talented entrepreneurs. We can invest in external or stand-alone ventures through our venture fund. We also have our venture studio which could make sense for someone who has a smaller team but needs the resources of an incubator/accelerator to bring their startup to market. UBX will provide individuals who have a great idea with a framework and assistance that will validate it and give capital and resources to bring it to scale,” Januszczak said.

UnionBank’s Solid 2020 Results Highlight Robust Customer Acquisition together with Strong Cost Control

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Despite the global effects of COVID-19, particularly in the banking industry, UnionBank’s recently-disclosed 2020 Financial Results underscore the strategic importance of its digital transformation almost five years ago; as it is now harvesting its strategic rewards.

The Bank was able to achieve a net income of Php11.6 billion, despite credit reserves growing by nearly five-fold year-on-year or close to Php7.0 billion more than 2019. Earnings performance translated to a return on equity of 11.9%, way above the industry average of 6.6% in 2020.

The Bank recorded the highest growth rate in its CASA deposits of 24%, in the last twenty years. This was brought about by retail customers trusting the availability and security of the Bank’s digital channels, together with corporate accounts moving collections to the Bank, because of visibility over transactions and best-in-class, self-service cash management implementation.

From the original target of attracting a million new customers, UnionBank was able to attract twenty-four million new accounts in 2020 with a large portion coming from digital account opening. It is the only Top-10 universal bank in the country that was able to introduce, during the crisis period, an account that can be fully-opened, without going to any “physical branch, which resulted in large customer adoption.

The growth in customers and digital transactions resulted in strong operating income for the year. Revenues were at an all-time high of Php42.1 billion driven by the expansion of net interest income by 29% to Php28.7 billion.

Growth in operating expenses was kept at low single-digits despite robust business growth due to sustained efficiencies from digitization. Due to these efficiencies, 2020 OpEx grew by 4% despite the effects of the pandemic.

The Bank’s transformation to become “Digital to the Core” has indeed opened the proverbial “jaws-of-the-tiger”, where the upper-jaw representing revenue-and-new-customers growth dramatically “opened-up wide”, while the lower-jaw representing costs – particularly costs-per-transaction – correspondingly went significantly lower. This dual-impact from the “jaws-of-the-tiger” was clearly reflected in the Bank’s solid 2020 results.

UBX, the Bank’s technology and innovation firm, signed up more than 140,000 MSMEs across its platforms namely i2i, BUX, Sentro, and SeekCap.

CitySavings Bank also continued to deliver efficient services to teachers and motorcycle loan borrowers with the help of its mobile sales app. As of December 2020, CitySavings has an outstanding portfolio of P46.5 billion in teachers' loans, P4.3 billion in motorcycle loans, and P2.3 billion in MSME loans.

“I am pleased with the Bank’s 2020 performance despite a challenging year. This was a product of all UnionBankers who continued to push boundaries and whose heroic efforts during this crisis has propelled us to greater heights. As we line up new features in our digital channels and Tech Up especially more of our underbanked and unbanked countrymen, we aim to move full throttle in 2021 with the end in view of achieving a bank of enduring greatness,” said Edwin R. Bautista, President, and CEO.

UnionBank opens country’s first mass retail banking hub to better support PH MSMEs

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Union Bank of the Philippines (UnionBank) recently created the country’s very first mass retail banking hub, aimed at providing support specifically to micro, small, and medium enterprises (MSMEs) in the country as part of the Bank’s goal of enabling inclusive prosperity amid the current global health crisis.

The hub, a consolidation of all entrepreneur-centric solutions offered by UnionBank, will provide a one-stop center for resources that MSMEs might need in order to support their businesses regardless of size—such as financing, logistics, and a buyer-seller network, to name a few—all made accessible to mass market customers.

This was one of the topics at UnionBank’s E-Talk Tales last February 17, wherein UnionBank’s Chief Mass Market and Financial Inclusion Executive Manual G. Santiago, Jr.  focused on how the Bank addresses the typical pain points encountered by entrepreneurs, especially during the pandemic.

Santiago began the discussion by first explaining what the hub’s target market is, which he defined as “the middle-middle income level going down” which is also a mix of banked, underbanked, unbanked customers.

"I think the definition for SMEs is much more defined where we're really looking at micro, small, and medium enterprises. So, these are your businesses with, for micro, 3 million in capital, and then you have 15 million for small, and for medium, it's about a hundred million in capital," he added.

According to Santiago, UnionBank estimates this market at about 50 million customers, with the majority of them being in the lower-income segments. In addition, about 60 percent of this customer market classify themselves as self-employed entrepreneurs. “It's a large market and we think this is a segment that needs attention at this time, and we're putting our efforts into that.”

Santiago noted that a lot of entrepreneurs today are very careful about their decisions when it comes to their businesses, as a result of the uncertainties, brought about by the current health crisis. This “wait and see” mindset is evident even in those who have immediate access to financing.

“We've seen that in the way they apply for loans. You would think that because you have loans available that people are going to flock and apply,” Santiago said. “In fact, even those existing loans that we have that have reached the renewal stage, MSMEs would even say 'can you renew that at half the amount only, and I will just come back to you when things are better?',” Santiago said.

“It's a good thing because it shows a sign of maturity, and you know, in this time, you can't be very aggressive. You really need to think about your next steps to be able to survive this crisis.”

With its vision of empowering SMEs through digital initiatives, UnionBank has already laid a lot of groundwork even before the pandemic to address SME challenges.

UnionBank Business Loan via UBX SeekCap, an online Loan Marketplace where business owners and SMEs may easily browse short-term business loan products and apply digitally. SeekCap allows SMEs to get approval within hours.

The Bank has also created the SME Business Banking App, an online platform that enables SMES to manage their financial transactions by facilitating all business payments with the most extensive list of government and utility billers, transferring funds to both local and international banks, customizing complex business approval flows, enrolling all companies and subsidiaries in a single-login setup, and opening and managing payroll accounts for their employees, among others.

To know more about UnionBank's digital initiatives, visit https://www.unionbankph.com/

Traveling safely and wisely with UnionBank CEB GetGo Debit Card

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Manila, Philippines - The relaxed quarantine restrictions have given us more room to navigate through the new normal. Travel bans are slowly being lifted but there is still a great need to stay careful, take precautions, and follow protocols. Here are some tips for traveling in the new normal.

Travel by land

Ready for a road trip? Here are some things you’ll need to know:

1. Consider the size of your car

The IATF ruling on passengers states that a privately-owned car can seat one passenger in the front and two passengers per row of front-facing seats. This means that if you and your barkada want to travel together, you may need a car with a bigger capacity.

2. Always wear your face mask and face shield

Yes, that means while riding the vehicle too! If you are carrying other passengers in the car, you still need to wear your face mask. However, if this is a solo trip, wearing a face mask is only mandatory when you open your windows. Plenty of establishments require you to wear a face shield too since this is considered to be part of basic protocols.

3. Find out destination protocols

Some cities and baranggays may have requirements for visitors. Make sure you know what to bring. Check for swab test or quarantine requirements that they may ask for.

4. Have a well-planned itinerary

Some locations may have strict operating hours or curfew. It is best to plan your trips so that you can maximize your vacations!

5. Use your CEB GetGo Debit Card for expenses

Whether you're buying some road trip snacks, gas, or paying for your restaurant bills, use your CEB GetGo Debit Card for cashless payments and earn points! Earn a GetGo point for every Php 100 spend and redeem for a flight to your dream destination. #FlyForFreeFaster

Travel by plane

As airports slowly open, we can now experience safe traveling in the new normal. This is coupled with guidelines and procedures to ensure safety for all passengers and employees involved.

1. Check which airports are open

Visit your airline’s website to see where you can fly.

2. Find exclusive deals via the GetGo Mobile App

Have you been using your CEB GetGo Debit Card? You may have accumulated GetGo points that you can use to score travel deals from flights.

Choose from our various selections of merchants for hotels, retail, food, wellness, etc. Earn more points and #FlyForFreeFaster! Check your account and visit bit.ly/UBPGG- GoPlaces.

3. Earn GetGo Points through Cebu Pacific flights

Earn 1 GetGo point for every Php 10 spend when you use your CEB GetGo Debit Card on your Cebu Pacific flights. Book your flights wisely!

4. Fill up the necessary travel documents

Each city has different document requirements to ensure safety. Visit https://bit.ly/CEBFlightReminders and find out what you’ll need to prepare when you go to the destination of your choice.

5. Be prepared to take a swab test

Depending on the baranggay and city you are coming to and from, you may need to take a swab test. Each location is different so it is important to research these beforehand.

6. Check for quarantine requirements

Certain destinations may require a quarantine period. To schedule your trip, find out if you need to set aside some days for quarantine and make sure to book your hotel accommodation in advance if needed.

7. Read departure protocols

Wearing a face mask and a face shield are necessary from your departure in the airport until you arrive to your destination. There are also other safety measures you need to brush up on such as checking in early and the various contactless procedures before and after you fly.

Travel restrictions have eased but being a responsible traveler is a must. Take note of these safety precautions so that you can wander wisely.

UnionBank continues as Asia’s digital trailblazer beyond the tipping point of digital adoption

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From its entrepreneur-focused solutions to its heavy investments in AI and blockchain, IDC Asia/Pacific Digital Trailblazer awardee Union Bank of the Philippines (UnionBank)’s SEVP, Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda talked about the Bank’s digital plans for this year in the eighth installment of its E-TalkTales series.

One of the main points of Aguda's discussion was UnionBank's commitment to supporting the country's micro, small, and medium enterprises (MSMEs) through various digital solutions designed to address the different pain points of their businesses. “These are all geared towards a focus of helping the MSMEs not just survive, but thrive during this pandemic,” Aguda said.

UnionBank’s current solutions offered to entrepreneurs include the newly launched SME Business Banking app, which is equipped with features for improved security and convenience such as biometrics, as well as platforms such as Bux, SeekCap, and Sentro, which are offered by the Bank’s fintech spinoff UBX, that enable customers to build secure foundations for their e-commerce ventures.

In addition to these topics, Aguda talked about the Bank’s plans for two of the biggest focus areas in the next phase of its digital transformation roadmap, which are AI and distributed ledger technology (DLT), particularly blockchain and cryptocurrency, two technologies enabled by DLT.

For AI, Aguda said the Bank plans to utilize the said technology so that its services can become even more personalized for customers. Aside from this, the Bank is also creating solutions that help address cybercrimes committed against customers, including a concept the Bank calls “integrated financial crimes framework” where all types of cybercrime are analyzed by the Bank’s AI engine to anticipate fraud patterns.

Aguda underscored the importance of being a vigilant and responsible digital banking account owner given the ever-growing threat of cybercrime, saying that malicious entities are becoming even more creative in finding new ways of exploiting vulnerabilities in digital ecosystems through user endpoints, especially those of banks and other financial institutions. He added that the best way to keep them at bay is for stakeholders to work together in creating a safe digital ecosystem for everyone.

“Threat actors will only prey on the weak, but if it’s a community that’s protecting everybody, they will move to a different jurisdiction altogether.”

In terms of DLT, the Bank is now working on expanding its blockchain-based digital financial network i2i in scope and scale, as well as expanding its proprietary stablecoin PHX. UnionBank is also testing various other blockchain use cases and proofs of concept that the Bank plans to share with partner government agencies and corporate clients in the coming months.

When asked if UnionBank is planning to apply to become a digital banking entity under the recently approved regulatory framework of the Bangko Sentral ng Pilipinas (BSP) that classifies digital banks separately from commercial banks, rural banks, thrifts, and cooperatives, Aguda said that the Bank is now reviewing all possible options.

“UnionBank is excited because it’s a validation and affirmation of the things that we’ve been doing. And if we do get a digitalized license, we’ll welcome it and we will continue to advocate the adoption of digital banking services,” Aguda said.

Moving from resilience to renaissance –UnionBank President and CEO

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Union Bank of the Philippines (UnionBank) held the seventh iteration of its E-Talk Tales webinar series last December 9, wherein UnionBank President and CEO Edwin Bautista gave an overview of the Bank’s milestones in the past year and how it went from providing help for Filipinos to survive the pandemic to creating a better digital normal for everyone.

UnionBank made headlines in May this year after being named ‘second most helpful bank in Asia-Pacific’ in the BankQuality Consumer Survey on Retail Banks that was conducted in April. 

This helpfulness was evident in UnionBank’s commitment to ensuring that its essential banking services remained accessible and reliable 24/7 during the enhanced community quarantine period, a time when uncertainties ran rampant and the needs of customers could change at any time. 

The Bank helped the government in the disbursement of the Department of Social Welfare and Development (DSWD)’s Social Amelioration Program (SAP) cash assistance to 700,000 beneficiaries amounting to P4.9 billion. It also assisted partner Local Government Units (LGUs) in the distribution of cash or loan proceeds to constituents. 

UnionBank has also helped countless micro, small, and medium enterprises (MSMEs) digitize amid the pandemic through its MSME platform GlobalLinker, and through MSME-leaning platforms Sentro, SeekCap, and bux, which are offered by its fintech spinoff UBX. To date, more than 27,000 online shops have already been made using Sentro, SeekCap now has more than 16,000 MSME signups, and bux has over 92,000 users. GlobalLinker's user base is also now at more than 38,000. 

Another sector of society that UnionBank was able to assist especially at the height of the pandemic were teachers, with the help of its thrift bank subsidiary CitySavings Bank. To date, CitySavings has extended a total of P26.1 billion in teachers' loans, P3.2 billion in motorcycle loans, and 2.9 billion in MSME loans to beneficiaries. 

And now, with the worst of the COVID-19 pandemic in the rearview mirror, UnionBank has begun the next major phase in its digital transformation journey, going full-speed ahead from merely displaying its resilience in the face of an unprecedented global health crisis, toward a renaissance in innovation and co-creation. 

UnionBank has been a leader in the practice of the agile methodology, which enables the Bank to react quickly to any situation and achieve innovation at a much faster rate. But the Bank knew it had to become much faster. So, to do this, the company started migrating to an even faster way of working: DevSecOps. 

Short for “development, security, and operations,” DevSecOps is an ideology that aims to integrate security into every stage of the development-deployment cycle. With this new methodology, the Bank has been able, among other advantages, to test new features that they develop much faster and deploy the said features on an almost real-time basis. Moving forward, DevSecOps will play a key role in the creation of new services for the Bank. 

Aside from DevSecOps, another key element of the Bank’s digital renaissance is data science and AI. This will be implemented across various verticals within the Bank, from mobile banking to credit, from algorithms to operational enhancements, among others. 

"This is really the time wherein, together we can usher in a renaissance in the area of banking and technology. It's an area where the Philippines can not only be a fast follower but can actually be a trailblazer in the banking world,” Bautista said. 

To know more, visit their official pages: 

Unionbank of the Philippines at https://www.unionbankph.com/, UBX at https://ubx.ph/, Unionbank GlobalLinker at https://unionbank.globallinker.com/login, and CitySavings at https://citysavings.com.ph/.

1st World Fintech Festival: Philippines as Asia's next big tech hub marks digital footprint across the globe

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The Philippines is set to showcase its best financial technology (fintech) practices to an international audience and cement its global digital footprint in the five-day virtual World Fintech Festival (WFF) on December 7-11. Previously presented as Singapore Fintech Festival (SFF) in past years, this year’s WFF shall spotlight key executives and decision-makers from different Asian nations as they discuss how they pilot fintech to produce societal impacts. Global tech legends like Bill Gates, Google CEO Sundar Pichai, and Microsoft CEO Satya Nadella will broadcast their talks to WFF participants in ten free sessions through YouTube and Facebook. 

The WFF-Philippines, co-presented by leading telecommunications company Globe, is also intended to galvanize Philippine industries to accelerate their own adoption of fintech, be open to innovation, and invest in their workforce’s digital upskilling. It is designed to bring together the public and private sector to help build inclusive digital economies. 

During the virtual presser on November 18, Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), remarked on the readiness of the nation’s fintech industry. He said, “The Philippines is the country that I will never ignore. You have a remarkable GDP and a fairly young demographic. The true test of a company’s strength comes from a crisis---and the businesses in the Philippines have truly demonstrated this.” 

A first in the country, the WFF - Philippines is organized by GeiserMaclang Marketing Communications, Inc. (GMCI) in partnership with MAS and SingEx. It is expected to draw in the same crowds who attend the SFF, including business leaders and CEOs from 140 countries. 

Industry leaders who will headline the WFF-Philippines were present during the virtual presser: Melchor Plabasan, Director, Bangko Sentral ng Pilipinas; Martha Sazon, President and CEO of Mynt and Chairman of the EMoney Association of the Philippines Inc.; Dr. Justo Ortiz, Chairman, UnionBank of the Philippines and President of the Fintech Philippines Association; Noel Bonoan, KPMG Vice Chairman and COO; and Atty. Mark Gorriceta, Managing Partner of Gorriceta Africa Cauton & Saavedra.

WFF-Philippines Convenor and GMCI’s Co-founder Amor Maclang, who moderated the panel discussion, says the event can amplify the Philippines as a tech hub attractive to global investors. “We are championing the Philippines, following the footsteps of Singapore, as an incubator for technology and fintech. At the same time, tech is here to serve the underserved, the underbanked, and the under sheltered. Fintech has created opportunities for people on the spot,” said Maclang, citing the sari-sari stores and online entrepreneurial shops as examples of fintech’s inclusivity. 

Bangko Sentral ng Pilipinas (BSP) has also paved the way for the country to be more open when it comes to seamless and contactless payment behaviors. Its data shows a surge in the use of internet banking, mobile apps, and services like Instapay and PesoNet during the pandemic. BSP Director Melchor Plabasan revealed some initiatives, saying, “More than four million accounts were opened during the first two months of the lockdown. We recently crafted a three-year roadmap that aims to develop an efficient, safe, and secure digital-payment ecosystem. We aim to shift 50% of retail payments to online, and ensure that 70% of adult Filipinos will have access to digital accounts.”

Martha Sazon, President and CEO of Mynt, which manages the country's leading mobile wallet app GCash among its innovations, revealed one of the trends observed during the lockdown: “It is the younger generation who is most aware of their financial stability within this time. These things have pushed us to provide savings, credit, and insurance, all within GCash. To date, we have gained 26 million GCash customers, which is ten times higher than our monthly users in 2017.” 

Ms. Sazon, who is also Chairman of the EMoney Association of the Philippines, estimated that one trillion transactions will be made through GCash by the end of December. 

Meanwhile, UnionBank of the Philippines, which pioneered digital banking, was able to accommodate the large spikes of consumer demand when the clamor for online transactions soared during the first few months of the COVID-19 crisis. Dr. Justo Ortiz, UnionBank Chairman, pointed out the future of money movements: “Financial transactions, embedded in actual live transactions people do day to day, are the ultimate end game. Whatever you do, whether you buy food, take a trip—we will embed it in financial transactions across the board.” 

Auditing firm KPMG has leveraged on tech to redefine its business operations, services, and client management system. Its Vice Chairman and COO, Noel Bonoan, explained, “We assist our clients on automation, artificial intelligence, and cybersecurity. You cannot properly assist them if your organization cannot practice what you preach.” 

Atty. Mark Gorriceta, Managing Partner of law firm Gorriceta Africa Cauton & Saavedra, affirmed that speedy, accountable action holds the keys to digital transformation. He said, “We help our clients navigate and understand its intricacies. In aiming for responsible fintech, we closely work together with the BSP, the Insurance Commission, and the Securities and Exchange Commission.” 

Dr. Ortiz reiterated that in all great journeys of impact, making the difference at scale requires great effort and investment in human capital which is “the challenge of our generation. As the speed of innovation is accelerating, we need to double-time and intensify our efforts so nobody will be left behind,” he emphasized. “Learning, unlearning, and relearning will be a consistent process in our digital journey to become a robust and competitive digital society.” 

The World Fintech Festival-Philippines agenda of speakers will span the length of the five-day global program which will run from December 7-11. 

For more information and to register for the event, click here: https://www.fintechfestival.sg/register-now.

UnionBank Talks Digitizing Corporate Clients in the New Normal at 5th E-TalkTales

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Union Bank of the Philippines (UnionBank) held the fifth installment of its E-TalkTales series last October 20.

The Head of Transaction Banking Mon Duarte discussed the Bank’s various transaction banking solutions, particularly The Portal, its all-digital banking platform for corporate clients.

Duarte began the discussion by differentiating UnionBank’s Transaction Banking solutions, which he defined as simply offering customized solutions to help digitize our corporate clients. Traditional transaction banking helps manage flow of funds by facilitating collections and payments, over-the-counter check deposits, to the provision of armored car services for high cash transaction situations, among others.

The main focus of Duarte's discussion was UnionBank's The Portal, its digital banking platform specially designed for corporate clients. Offering a host of solutions that include bills payments, payroll, fund transfers, check writing services, merchant payment gateway systems, and credit facilities, The Portal provides corporations with all their essential banking needs in a single platform.

Knowing that each corporate entity has needs and priorities that are uniquely theirs, UnionBank designed The Portal in a way that allows it to provide utmost flexibility to clients, making it the preferred platform for those who don't want the one-size-fits-all approach of most competitors when it comes to the corporate banking solutions they offer.

Part of the flexibility offered by The Portal comes by way of various customization options available to clients. Depending on the current needs of their organization, clients can choose only the solutions that they want to avail of at the moment, and then adjust later on. To make it easier, the Bank created a number of packaged solutions based on what it thinks would make sense for clients, which they can avail of anytime via The Portal website.

Another key feature of The Portal in terms of flexibility is the possible configurations for transaction approvals. With this feature, corporates will be able to establish a specific maker-checker process for each transaction made by their team members. This will give them free control over who can make which transaction, as well as the maximum amount for each transaction depending on who makes it, among others.

With The Portal, UnionBank aims to make transaction banking as seamless for users as possible, and the Bank wants to make this very clear right from the moment a client starts using the platform—the onboarding process.

Onboarding is typically one of the most stressful phases of using a new platform for many corporates, since it involves learning a new set of interfaces and processes. This phase can take a few days or weeks or even a few months to finish. With The Portal, however, UnionBank also digitized the onboarding processes so that clients can get into the platform in less than a day, usually within a few minutes, with no further training needed.

These are only a few innovative features of The Portal. As the Bank continues its digital transformation journey, more services will become available in the coming months.

The Portal is not based on any third-party digital framework. Instead, it was built from the ground up. In creating The Portal, UnionBank was guided by the principle of having a simple integrated platform in order to ensure the best user experience for customers. For the Bank, providing superior transaction banking experiences to users is a top priority, and The Portal is the perfect representation of what it believes transaction banking should be.

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 .

Get bonus points for free flights with Cebu Pacific GetGo Credit cards

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From hassle-free shopping, to convenient bills payment and limitless access to exciting promos, credit card users certainly enjoy the best of what life has to offer. Now, GetGo members can indulge in a lifestyle of luxury and free travel when they apply for their own CEB GetGo Credit Card.

As the most rewarding lifestyle program, GetGo is again making everyday purchases more satisfying by giving away 8,000 bonus points to newly-approved CEB GetGo Credit Cardholders who apply from January 31 to August 31, 2018.

Interested individuals can sign up via https://bit.ly/2Md1DXx or through other UnionBank channels. Once approved, all they have to do is to use their credit cards for a single or accumulated retail spend worth P20,000, register online at https://unionbankph.com/8kgetgopoints and sign up for the new UnionBank Online mobile app via the Apple Store or Google Play.

With 8,000 bonus GetGo points, you can book thrilling getaways and make priceless memories at any of the country’s most beautiful provinces. You can fly to Bacolod, Cebu, Iloilo, and Tagbilaran to discover unique local culture and architectures. You can even spend a weekend at the beach by scoring the best one-way flight deals to Davao, Suriago, and Dumaguete with your GetGo points. Or if you’re up to fly out of the country, you can use your additional 8,000 points to explore Cebu Pacific’s international destinations.

But wait, there’s more! New CEB GetGo Platinum Credit Cardholders will also receive a unique promo code worth 8,000 GetGo points when they spend another P20,000 worth of single or accumulated purchases using their new credit cards within 65 days from card approval date. They can use this code to get 8,000 points off when booking their flights with GetGo. That’s just P40,000 total spend using CEB GetGo Platinum Credit Card for a total of 16,000 GetGo points!

So, what are you waiting for? Enjoy your next trip with your own CEB GetGo Credit Card. Promo runs until August 31, 2018.

For more information on memberships and partners, visit www.getgo.com.ph. Stay updated on the latest promos by liking GetGoPH’s official pages on Facebook, Twitter, and Instagram.