UBX sets up advocacy body to champion development of inclusive open finance framework in PH

 

UBX, the financial technology (fintech) venture studio of the Aboitiz

Group, is setting up a foundation that will champion the development of an inclusive

Open Finance Framework in the Philippines.

To be called the Philippine Open Finance Foundation, the institution aims to make the

adoption of open finance as a technology that empowers Filipino consumers with the

right set of financial tools and solutions for their needs.

“They say it takes a village to raise a child, and since Open Finance in the Philippines is

still infancy, UBX has decided to launch a shared village we call the Philippine Open

Finance Foundation,” UBX Managing Director for Open Finance Jaime Garchitorena said

at the Singapore Fintech Festival on 2 November, Wednesday.

The Philippine Open Finance Foundation will bring together relevant stakeholders,

including other financial institutions, government agencies, non-government

organizations, civic groups, and the academe to come up with meaningful initiatives

that will support the development of Open Finance in the Philippines.

Initiatives include advocating the inclusion of finance in the Philippine education system,

dialogues with the relevant government institutions, especially the Bangko Sentral ng

Pilipinas (BSP) and the Department of Information and Communications Technology

(DICT), and strong collaboration with industry players to realize the benefits of Open

Finance.

Open Finance has the power to accelerate the country’s financial inclusion goal, as it

democratizes access to a spectrum of financial products and services particularly for the

unbanked and underbanked as well as growing business.

Driving access and interoperability among financial ecosystem participants, Open

Finance allows financial institutions to reach the unbanked and underbanked, while

empowering them to tailor solutions that meet the needs of consumers and businesses.

Open Finance enables participants to acquire customers at scale, develop solutions

specific to the unbanked, underbanked, and growing businesses, and provide

consumers with greater choice and control over their data.

“The Philippine Open Finance Foundation aims to ensure that the adoption of Open

Finance as a technology is premised on a well-educated and trusting public and a well-

educated and trustworthy set of participants. One of its core advocacies will be

consumer protection through a strong dispute resolution mechanism,” Garchitorena

said.

Aside from consumer-focused initiatives, the Philippine Open Finance Foundation also

aims to help the BSP craft, develop, and evolve the Open Finance Framework of the

country, allowing “consent-driven data portability, interoperability, and collaborative

partnerships among financial institutions and third-party providers (TPPs).”

“We plan to work on a diverse set of partners and institutions, advocating for the

adoption of open finance, consumer education and consumer protection. We invite and

encourage you to join our village to bring Open Finance to every Filipino,” Garchitorena

said.

To learn more about the Philippine Open Finance Foundation, please visit:

https://openfinance.ph

UBX partners with WomenBizPH, SeedIn to boost women-led enterprises in PH

 

UBX, the leading open finance platform in the Philippines, cemented its role in empowering women in business by signing a groundbreaking partnership agreement with Women’s Business Council Philippines (WomenBizPH), the leading voice of women in Commerce, and mobile financing powerhouse SeedIn.

Under the memorandum of agreement, the three groups will collaborate to build a Women-to-Women (W2W) Investment and Lending Portfolio, a basket of financial assets that will help empower Filipino women to become successful entrepreneurs. The W2W Investment and Lending Portfolio will provide beneficiaries with financial tools such as investment products and credit lines to empower them in their journey to become entrepreneurs.

Women in SME businesses will have the opportunity to borrow using AI credit scoring fintech platforms starting with Seedin Philippines Inc. Qualified borrowers can be chosen by women investors. The network of top women business leaders and entrepreneurs of WomenbizPH will have priority to choose and act as investors for their chosen portfolio.

UBX partners with Bayad to beef up bills payment offers

 

In photo (L-R): Mr. Dennis G. Gatuslao – Bayad Chief Commercial Marketing Officer, Mr. John Januszczak, – UBX President and CEO, Mr. Jaime Garchitorena - UBX Managing Director of Commerce and Payments, and Mr. Lawrence Y. Ferrer -  Bayad President and CEO

UBX, the leading open financing platform in the Philippines, has signed a strategic partnership agreement with Bayad, the country’s authority in bills payment and Meralco’s full service fintech subsidiary.

Under the agreement, i2i, the banking-as-a-service venture of UBX, will leverage the network of billers of Bayad, allowing i2i banking agents to process payments for Meralco and Home Credit. Throughout the year, the partners will add more billers to further promote greater convenience to customers.

“We are committed to constantly improving our services and in bringing financial services closer to those who need them. Our partnership with Bayad will provide seamless bills payment transactions to our customers, allowing us to further strengthen our initiatives for financial inclusion,” UBX President & CEO John Januszczak said.

Currently, i2i has around 250 billers in its platform, including local utilities, schools, telcos and more. This includes major players of different industries such as Philippine Airlines, Bayan Telecommunications, and even different universities throughout the Philippines.

By integrating its systems with Bayad, small businesses and residents of far-flung areas can also enjoy the efficiency and convenience of paying their bills through i2i agents. 

As of end-2021, there are 3,000 i2i banking agents across the country and these include ordinary merchants like sari-sari store owners that provide the basic financial services to the most underserved and unserved communities. 

“As we leverage on digital financial technology, we proactively respond to market developments and adapt innovations in banking.  With this, we partnered with UBX to make financial services more accessible and convenient to our kababayans. With our partnership, we will be able to help communities bounce back in the new normal. We at Bayad, will continue to create positive strides by expanding our bills payment solutions while offering the convenience of real-time posting.”,” Bayad President and CEO Lawrence Y. Ferrer said.

“Since day one, our goal at i2i has always been to empower underserved communities with topnotch digital financial services. Thus, we are committed nonstop to formulating solutions which will improve their lives, one step at a time.” Januszczak said.