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’s SeekCap, an online lending marketplace, will facilitate the beneficiary onboarding, while disbursements and payments will be coursed through i2i, the banking-as-a-service venture of UBX, and BUx, the country’s leading payment gateway.
On the other hand, SeedIn will play the role of the primary lender. SeedIn will connect female investors to the portfolio both from WomenBizPH and its existing investor pool. Beneficiaries can request for a loan for as low as P300,000 or investment in a portfolio with just P1,000.
“UBX recognizes the gender gaps that hinder women from reaching their maximum potential. Thus, our vision of finance for all means eliminating these obstacles by providing women with innovative digital business tools and credit options through Open Finance,” UBX Chief Product Officer Anne Yosuico said.
WomenBizPH is the lead private sector partner of the government, particularly the Department of Trade and Industry and the Philippine Commission on Women, and represents the Philippines in APEC and ASEAN events.
“With the help of our fintech partners UBX and SeedIn, what we hope to do with is to be able to provide opportunities for women led businesses to get funding and hence would have a chance not only to survive but thrive,” said WomenBizPH Trustee/Treasurer Ida Tiongson.
SeedIn, on the other hand, is a mobile and web-based P2B Financing Platform where local businesses seeking short-term financing can match with individuals and institutions seeking short-term investments and has been considered one of South East Asia's largest Business Financing Platforms with funded projects in several countries throughout the region.
“This partnership with UBX and SeedIn, fortifies our commitment to support local small businesses and this extends to the elimination of gender disparity as well. Women play a major role in the country’s microeconomy, and empowering them by providing alternative financial solutions will undoubtedly make a big impact in improving the economic landscape in the Philippines”, said Mylene Abiva, Chairperson of WomenBizPH.
In the Philippines, 54 percent of MSMEs are run by women. According to a study by the Asian Development Bank, women-led businesses are less likely to get bank loans and resort to reducing the number of employees. With the impact of COVID-19 on the economy, these businesses suffered even more, as the majority of them faced lack of funding and were forced to close down due to financial decline.
“This partnership will have a positive domino effect which will redound to boosting economic growth in the Philippines. This is real financial inclusion,” Tiongson said. More fintech players are expected to be included in this endeavor to truly achieve finance for all. Soon enough, women entrepreneurs from across the archipelago will have access to Fintech Financing and Education, Fintech Investments, Platform for financial education through UBX.
To learn more about UBX, please visit www.ubx.ph.