UBX, the Philippines’ leading open finance
platform, has entered into a strategic partnership with Yufin, the All-in-One Negosyo app that streamlines the
business processes of micro, small, and medium enterprises (MSMEs).
Under the partnership, Yufin will leverage
UBX’s technology to offer more digital payment options to small merchants,
their shoppers, and suppliers as they venture into the digital economy. The
partnership allows UBX to scale up its operations further to cater to a larger
network of Filipinos.
“This strategic partnership with Yufin will
allow us to serve more Filipinos – consumers and businesses – and enable them to
participate in the digital economy easily. With UBX’s proprietary technology,
Yufin will be able to strengthen its operations while providing better services
to its partner merchants, suppliers, and of course, their respective
customers,” UBX CEO and President John Januszczak said.
Using Yufin’s
platform, merchants can accept customer payments from multiple payment
options, including over-the-counter, e-wallet,
online banking, and more.
Yufin goes against the grain of traditional
business models by making digitalization accessible for small businesses,
turning them into acquisition channels for digital services, and reducing
customer acquisition costs so they can generate more income simply by using
their mobile phones in their daily operations.
By expanding its digital solutions, UBX
plays a key role in guaranteeing seamless transactions for Yufin’s partner
merchants.
“Partnering with UBX enables us to provide
better services to our merchants and their customers because they can choose
payment options more suited to their needs. UBX has our full trust, and we
could not be more honored to enter into this venture with a platform which
shares the same advocacy for financial inclusivity,” Shubhrendu Khoche, Yufin’s
Co-founder and Director, said.
Yufin is a global platform for the
following billion small merchants, their shoppers, and suppliers. By
partnering, instead of competing with established banks, the app provides
assisted digital financial services to small merchants, turning them into their
customers' preferred banking and credit hubs. It aims to raise the income of at
least 10 million households by 50 percent in the next five years.
With a large and diverse partnership
portfolio, UBX equips its partners with open
finance technology for payments, disbursements, and loans to leverage
digital solutions for all types of transactions – payments, registration, and
even credit.
Last year, UBX broke ground in industries
such as the metaverse, insurance, the women’s sector, and even government
institutions to advance its goal of true financial inclusion.
“We hope to partner with more companies and
organizations who advocate for the inclusion of MSMEs in the digital economy.
As the country’s leading open finance platform, we are always eager to find
more ways in which we can guarantee true financial inclusion.” Januszczak said.
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