Union Bank’s fintech arm sets up HQ in Singapore

Singapore City

UBX, the fintech arm of UnionBank of the Philippines, has opened a new Singapore headquarters to tap into the city-state’s large fintech ecosystem.

The fintech said it was expanding into Singapore as a bridge for start-ups who want to enter the Philippine market by partnering with UBX ventures.

“We are thrilled to further extend our presence in the region, starting with Singapore – known as the main regional fintech hub of upcoming start-ups and great talents in Asia,” UBX Singapore Country Head Cyrus Cruz said in a statement.

“UBX has strategically set up an office here to contribute to and benefit from the established ecosystem. This will not only expand our network; it’ll also help us learn from different companies in the country.”

UBX invests in early-stage start-ups which add strategic value to the UBX and UnionBank network. Its portfolio focuses on various in-demand solutions for individuals and businesses ranging from banking and payments to lending and eCommerce.

“We aim to support companies who would like to enter the Philippine market through strategic partnerships leveraging both UBX’s technological expertise and open finance footprint in the Philippines,” said UBX chief executive John Januszczak.

The Philippines fintech venture studio and fund said its ventures had seen significant growth during the coronavirus pandemic.

SeekCap, a UBX digital lending platform in the Philippines which has 48,000 registered micro, small and medium-sized businesses, processed more than US$60 million of business loans in its first year after launch.

UBX’s i2i is the Philippines’ fastest-growing open finance and banking-as-a-service solution, bringing financial services to underserved communities through its network of financial service providers.

QLABS is UBX’s technology solutions venture that has helped ‘tech up’ multiple businesses, including developing PHX, the Philippine’s first central bank-approved Stable Coin that currently powers the i2i network.