UnionBank unveils industry-first Open Finance Innovation Hub
A new era of innovation and collaboration
in the fintech industry begins as Union Bank of the Philippines (UnionBank)
unveils its Open Finance Innovation Hub, a first-in-industry program that will
provide an open digital ecosystem for innovation and co-creation in the
country.
UnionBank Open Finance Innovation Hub
Last April 13, 2023, The Fintech Business Group of UnionBank launched
its Open Finance Innovation Hub at the UnionBank Innovation Campus in San
Pedro, Laguna. This program promotes open innovation by offering a digital
ecosystem that breaks down silos and encourages trust and collaboration. The
Open Finance Innovation Hub provides a platform where various organizations can
work together, learn from each other, and create cutting-edge solutions that will
drive progress and transformation in the fintech industry.
"Overcoming the challenges of open innovation requires a willingness
to foster a culture of collaboration, to overcome the silo mentality that often
inhibits innovation. It requires us to build trust and relationships, because
trust is required between partners, which can be built through effective
communication, transparency, and a mutual understanding of the end goal,"
said UnionBank Fintech Business Group Head Erika Dizon-Go.
The first phase of the Open Finance Innovation Hub starts with a
12-week capacity-building program for start-ups, incubators & accelerators,
and venture capitalists to create the innovation ecosystem.
The second phase consists of creating an open-source platform. In this
space, collaborators from different industries can publish and consume problem
statements, data, and models, becoming the perfect tool to co-create new ideas
for innovation.
Sealing the deal to fuel innovation
UnionBank kicked off the launch with contract signing ceremonies
that sealed the collaboration between the bank and its first two batches of
partners.
AHG Lab Chief Operating Officer and Founders Launchpad Program
Supervisor Rene Cuartero; LaunchGarage Chief
Operating Officer Jojo Flores; Foxmont Capital
Partners Managing Partner Franco Varona; and Animo Labs Executive Director
Frederico Gonzales make up the first batch of partners.
Meanwhile, Aboitiz Equity Ventures Chief Transformation Officer
Emilie Sydney-Smith; UBX Business Lead Mark Gorospe; and Philippine Stock
Exchange Chief Operating Officer Atty. Roel Refran
comprise the second batch of partners.
"Innovation
is in UnionBank's DNA, and this is why we created this space, to bring together
the enthusiasts and experts from different industries, put our heads and minds
together, and create ideas and solutions," said UnionBank Chief Human Resource
Officer Michelle Rubio. "Open innovation matters more now because there is
really a need to drive progress and transformation not just in our business,
but society in general."
Don't miss out on the chance to be part of
this groundbreaking initiative. Join the Open Finance Innovation Hub and be at
the forefront of innovation and collaboration. For more information, email us
at FBGSales@unionbankph.com.
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