Fintech inks deal to expand reach

Finance technology (fintech) company UBX Philippines inc. announced on Thursday it has entered into agreements with non-monetary financial institutions (Mfis) to expand its reach.

UBX, the fintech platform of Union Bank of the Philippines, said it has allowed entry into its i21 network LBC express inc., Perahub operator Petnet inc. and cebuana Lhuillier Services corp. UBX said i21 rural bank members are now linked to outlets of these companies.

This adds 11,000 new locations for customers to settle transactions, the fintech firm said.

UBX Philippines President John Januszczak said he believes the deals hatched with the non-mfis will help a lot of Filipinos who need access to send and receive funds, especially during this pandemic and the enhanced community quarantine.”

“By adding more options for cashin and cash-out points, we hope to lessen the travel and time outside the home for Filipinos when they access financial services, particularly during this pandemic,” Januszczak was quoted in the statement as saying.

earlier, UBX rolled its remote mobile-enabled automated teller machine (ATM) solution, which allows rural banks and financial cooperatives across the country to distribute government subsidies to beneficiaries.

The fintech firm explained that the mobile ATM operates like a standard ATM, offering services like withdrawals and balance inquiry.

The i21 network has now over 110 members with nearly 1,000 branches, UBX Philippines said.

The company Unionbank launched last year developed the mobile ATM with irish financial service group Fexco, which is primarily engaged in delivering technologyenabled financial services for banking and fintech players.

“This partnership will allow us to rapidly deliver crucial financial services to consumers across the UBX and UBP banking partner network,” Fexco Philippines ceo cathal Brendan Foley said. “Fexco and UBX are both dedicated to enhancing financial inclusion for both the businesses and the people of the Philippines.”

earlier, the aboitiz-led bank earlier urged public to settle tax payments online from the comforts of their home during the pandemic to practice social distancing and lessen exposure to the virus.

This was made possible after launching an electronic payment facility last year in partnership with the Bureau of internal Revenue. in 2019, the bank collected over P338-billion worth of taxes, which was 16 percent of the total tax collections.

Unionbank shares climbed by 30 centavos, or 0.56 percent, to close at P54.20 each amid the 0.46-percent hike for the main index on Thursday.

Tyrone Jasper C. Piad