ASIALINK Finance Corp. has partnered with Union Bank of the Philippines, Inc.’s (UnionBank) financial technology unit to digitize its lending processes through UBX SeekCap.
The partnership aims to simplify the processing of loans for micro, small, and medium enterprises (MSMEs) through a digital platform, reducing costs and approval time for loans, UBX said in a statement on Thursday.
It said the partnership aims to empower MSMEs by providing access to financing as small businesses usually have a difficult time securing funding from banks due to strict regulations.
“At present, most banks provide a minimum approval time of 30 days, with high interest rates and burdensome requirements, which are designed to discourage lenders from availing loans,” UBX said.
“By providing accessible, fast, and convenient loans, which will be powered with UBX’s technologies, we are several steps closer towards achieving our goals as strong government partners for economic growth, while making a positive impact on the lives of Filipinos both in the country and abroad,” Asialink President and Chief Executive Officer (CEO) Eillen B. Mangubat said.
“Our strategy is to join hands with like-minded organizations to advance our goal of inclusive finance. As the country’s leading open finance platform, we are always on the lookout to partner with companies — and recently, even government institutions — which aim to shape the future of finance and sustainability,” UBX President and CEO John Januszczak said.
UBX business lead for Lending Mario Jordan “Magellan” Fetalino III said both companies aim to help drive financial inclusion among growing businesses.
“Through this partnership, we will co-create various digital financial solutions that are sustainable and inclusive, promoting economic growth and recovery in the long run,” Mr. Fetalino said.
UBX’s listed parent UnionBank booked a net profit of P12.673 billion in 2022 amid improved net revenues and net interest income.
Its shares went down by 25 centavos or 0.29% to close at P84.65 apiece. — A.M.C. Sy