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SeekCap, the Philippines’ first online lending marketplace, has processed USD 60 million worth of loans to date. i2i, the country’s fastest-growing Open Finance network and banking-as-a-service solution, has over 1,800 banking agents on the platform. Bux, a leading all-in-one payment gateway, has garnered 100,000 sign ups since its launch in 2019. Sentro, the first homegrown online shop builder, powers over 30,000 registered local MSMEs.
Just recently, UBX opened its headquarters in Singapore to extend its presence within Asia. Operations in the Philippines are also expanding- to manage the growing demand of its fintech solutions brought on by the effects of the pandemic. Aside from expansion, the momentum is being built further by UBX’s investments in emerging technologies such as crypto. Filipinos have been fast adopters of cryptocurrency and it was only natural for UBX to invest on crypto platforms and innovations such as PDAX.
“In line with our mission in UBX to make financial services reliable, convenient and safe for everyone, we invest in companies that complement our existing open finance ecosystem, new business models for the digitally and financially underserved, and new ways of transacting with new digital technologies.” says John, the Chief Executive Officer of UBX. “Our investment in PDAX is testament to this strategy. Leveraging on their capabilities in asset tokenization is helping us expand our product and service offerings in the market.” he adds.
Philippine Digital Asset Exchange or PDAX is a regulated cryptocurrency exchange that enables investors to buy, trade and sell digital assets in an open market against the Philippine Peso (PHP). Bangko Sentral ng Pilipinas (BSP) granted PDAX the license to operate as a digital currency exchange in 2018. Nichel Gaba, Founder and CEO of PDAX, explained that PDAX brings in the potential for Filipinos to not only invest but also save and transact through blockchain technology.
“PDAX and UBX have always shared the same goals on financial technology in the Philippines, and we are very excited about this continued partnership.” Gaba said. “Cryptocurrencies and Blockchain technology are the most promising innovations in the Philippines financial services landscape. The partnership between UBX and PDAX will usher in the future of finance for Filipinos” he added.
UBX continues to actively search and strategically invest in fintech startups and businesses that can create lasting impact on financial inclusion, MSME development, and open finance in the Philippines.
About UBX – UBX, named the Fastest Growing Fintech Company in Southeast Asia (2020 and 2021) by the Global Banking and Finance Review, is the financial technology venture fund of UnionBank of the Philippines. UBX has a corporate venture fund that strategically invests in early stage startups that further the UnionBank Group’s existing businesses and identify new opportunities related to open-finance and financial inclusion.
For more information about the company and this article, please visit UBX or contact agnescasal@ubx.ph. For partnerships and investments, please contact cyrus@ubx.ph
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UBX Philippines Corporation