UBX, the leading open finance platform in the Philippines, and
SouthBank, a rural bank based in Cagayan de Oro, entered into a strategic
alliance to provide customer-centric and
inclusive digital financial services to more Filipinos in Mindanao.
Under the agreement, i2i, the banking-as-a-service venture of UBX,
will expand SouthBank’s financial services to the countryside, empowering the
rural bank with the technology to offer digital financial solutions to its
customers and clients.
With the partnership, SouthBank is able to beef up its native
mobile application called SBPay, a platform that equips users with financial
tools that they can use via their mobile phones.
“Our partnership with UBX allows us to strengthen our active
pursuit of digital banking initiatives to provide our clients with a better
banking experience. This strategic alliance with UBX, the country’s leader in
open finance, supports the Bangko Sentral ng Pilipinas’ (BSP) push for the
digital transformation of rural banks and promotes greater financial
inclusion,” SouthBank President and CEO Sonny Mendoza said.
SouthBank is a rural bank in Mindanao that extends rural credit to
small farmers and tenants, as well as to various rural industries and
enterprises.
“There is no greater honor than to be alongside SouthBank as it
embraces technology to improve the banking experience of its clients and
partners. Financial inclusion and economic success remain at the core of
everything we do in UBX, and powering SBPay will definitely help us achieve
these goals,” UBX Chief Product Officer Anne Yosuico said.
With the partnership, UBX services have been successfully
integrated in SBPay via API. Through this strategic alliance, SouthBank is able
to easily deliver a wide range of banking products and services to its bank
clients with an added customer experience that is simple and reliable.
UBX’s open finance platform also allows partners like SouthBank to
connect financial institutions to the largest payment networks in the
Philippines. At the end of last year, i2i has formed a community of 3,000
banking agents across the country, including ordinary merchants like sari-sari
store owners that provide the basic financial services to the most underserved
and unserved communities.
By integrating UBX’s financial technology solutions into
SouthBank’s platform, the country’s major economic contributors such as farmers
and tenants are empowered to attend to their financial needs in only the best
way possible.
“Since day 1, we at UBX have made it our mission to bring
financial services closer to the masses – especially those that are unserved
and underserved. We are continuously working hard to reach this goal by forging
strategic alliances with key players in the financial industry and beyond. We
are positive that our digital solutions will improve the lives of our fellow
Filipinos in the Southern Philippines,” Yosuico said.
To learn more
about UBX, please visit www.ubx.ph.
Post a Comment