UBX, UnionBank of the Philippines’ fintech venture studio and fund, expands its operations in Singapore to further its vision of invisible banking in Asia. Since its launch in 2018, UBX has pioneered financial services solutions integrated into everyday activities of people and businesses. The new Singapore headquarters is the bridge for startups who would like to enter the Philippine market by partnering with UBX’s award-winning ventures.
“Expanding reach within Asia continues to be an important focus for UBX,” Cyrus Cruz, who joined UBX Singapore as Country Head, said in a statement. “We are thrilled to further extend our presence in the region, starting with Singapore – known as the main regional fintech hub of upcoming start-ups and great talents in Asia. UBX has strategically set up an office here to contribute to, and benefit from the established ecosystem. This will not only expand our network, it’ll also help us learn from different companies in the country. ” he added.
UBX is fast-tracking its expansion because of the rapid growth of fintech with 2 out of 3 financial transactions being made online today. In 2020, $1.6 billion was invested in fintech startups in Southeast Asia according to a study by Dealrooom. UBX ventures are experiencing significant growth fueled by the coronavirus pandemic. For instance, SeekCap – UBX’s digital lending platform in the Philippines – processed over USD 60 million worth of business loans for MSMEs just one year after its launch. While i2i, UBX’s banking-as-a-service platform, had a 3000% monthly volume increase for its portable Mobile ATM services in 2020.
For its impact on fintech and financial inclusion, UBX was recognized as the Fastest Growing Fintech Company in South East Asia 2021 by the Global Banking and Finance Review. As a leading venture studio in the region, it was only natural to open its 2nd headquarters in Singapore where the growth trajectory of the fintech industry has been steady and impressive. John Januszczak, the Chief Executive Officer of UBX reiterates “We aim to support companies who would like to enter the Philippine market through strategic partnerships leveraging both UBX’s technological expertise and open finance footprint in the Philippines.”
UBX is the gateway to fintech in the Philippines
UBX invests in early-stage startups that add strategic value to the UBX and UnionBank network. UBX’s portfolio focuses on various in-demand solutions ranging from banking and payments to lending and eCommerce categories created for individuals and businesses.
UBX’s i2i is the Philippines’ fastest-growing Open Finance and banking-as-a-service solution, bringing financial services to underserved communities through its network of financial services providers. To date, i2i connects hundreds of financial institutions and financial service providers, in addition to over 1,800 banking agents on the platform.
SeekCap is the Philippines’ first same-day approval, digital lending marketplace made especially for micro, small, medium sized enterprises (MSMEs) who need access to credit to run and scale their businesses. SeekCap has registered over 48,000 MSMEs and has processed over USD 60 million worth of business loans. SeekCap has partnered with digital communities such as Lazada and Foodpanda to further expand its MSME reach.
Bux is an end-to-end payment gateway for businesses of all sizes. MSMEs can accept payment methods from over 50,000 over-the-counter locations including 7-Eleven and LBC, debit and credit card payments as well as wallet payments via GrabPay and GCash. With over 100,000 sign ups since its launch in 2019, Bux continues to make payments simple and easy with features like payment links, Universal QR code and Buy Now Pay Later.
Sentro, a free eCommerce shop builder with pre-integrated payment gateway and delivery services, powers over 30,000 registered local merchants since its launch in 2019. UBX recently launched Sentro Build – the first multi-merchant marketplace builder in the Philippines bringing buyers and sellers together in one reliable site.
QLABS is UBX’s technology solutions venture that brings a business’ digital initiatives to scale with its team of experts and industry leaders. QLABs developed PHX, the Philippine’s 1st Central Bank approved Stable Coin that currently powers the i2i network. QLABS has helped “tech up” multiple businesses, such as developing PERA HUB’s mobile application with features that allow customers to connect with, and pay, thousands of merchants.
Assured, the Philippines’ first and revolutionary embeddable insurance platform, is the latest venture of UBX. Assured recently partnered with insurtech Coherent and insurance giant Chubb to increase insurance penetration rate through embedded insurance, a protection cover presented as a value-added feature in everyday experiences like paying a bill or shopping online. Assured is led out of the Singapore office, paving the way for regional expansion.
About UBX – UBX is the financial technology venture studio and fund of UnionBank of the Philippines. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter to businesses and people.