UBX, the country’s leading open finance
platform, has entered into a strategic partnership with UNOBank (UNO Digital
Bank), Southeast Asia’s first full-spectrum digital bank, to make credit more
accessible to micro, small and medium enterprises (MSMEs) nationwide.
Through this collaboration, SeekCap will be
able to further support MSME financing, while providing a wider platform for
UNO Digital Bank to reach more customers.
With the alliance, micro entrepreneurs will
be able to get financing even in the absence of formal financial data,
utilising the combination of alternative data and psychometric scoring, which
further democratizes access to credit to provide the necessary capital to
expand their business. This initiative is done through UBX’ loans marketplace
platform, Seekcap.
“SeekCap is the product of UBX’s desire to
reach MSMEs, who traditionally, have no access to financing to grow their
businesses because of the stringent requirements of banking. By democratizing
access to loans, now with the help of UNO Digital Bank, we are not just
contributing to the expansion of MSMEs but the economic growth of the
Philippines as well,” UBX President and CEO John Januszczak said.
UNO Digital Bank is South East Asia’s first
full-spectrum digital bank licensed under the Bangko Sentral ng Pilipinas
(BSP). It is one out of only six digital banks licensed by the BSP.
A convenient alternative to traditional
lending companies, SeekCap leverages its partners’ wide user base to offer
loans to businesses. Its existing partners include leading online marketplace
Lazada and online food and grocery delivery platform foodpanda, among many
others.
With the addition of UNO Digital Bank,
microentrepreneurs will have a more seamless and digital experience in their
entire financing journey.
The partnership makes it possible for
potential borrowers to secure a loan term of 12 months and borrow as high as
250,000 PHP without the need for collateral.
Applicants without an approved loan need
only check their inboxes for an invitation for a pre-qualified loan application
to UNO Digital Bank to know which ones they can avail of for their business.
“As one of the BSP’s accredited digital
banks, UNO can guarantee that our loan offerings are accessible, simple and
offer relevant features for our customers. We are honored to work alongside UBX
in carrying out inclusivity in the form of loan processing for MSMEs as this
also plays a significant role in boosting the local financial ecosystem.”
UNOBank CEO Manish Bai said.
SeekCap is an online lending marketplace
that offers an end-to-end lending platform solution from loan origination until
collection. Through the digital platform, business loans may be processed in as
fast as 24 hours, which is significantly faster than the minimum 30-day
approval time for most banks.
Seekcap brings lenders and borrowers closer
via its platform, streamlining the process of getting a business loan while
making financing more accessible for small businesses in the city.
SeekCap has processed over P27 billion of
business loans from more than 65,000 MSMEs.
“Given that 99.51 percent of all businesses
in the Philippines are MSMEs, SeekCap is in a position to make a significant
change. By partnering with more and more financial players such as UNOBank,
that opportunity grows even bigger,” Januszczak said.
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