by Jan Michael Carpo, Reporter
UBX Philippines Corporation, the Aboitiz family’s financial technology (fintech) division, announced in a media advisory recently that it has ended 2022 with “exponential growth” across all of its vertical markets.
John Januszczak, President and CEO of UBX Philippines Corporation, said that UBX’s customer base grew 184 times in the past three years, bringing its transaction volumes to a growth rate of 411 times or about P41 billion as of the end of 2022.
The company, which allows businesses, fintech firms, developers, and government institutions to access embeddable solutions and the widest network of financial institutions in the Philippines, now boasts of about 230,000 business-to-business (B2B) clients as of the end of December 2022.
According to the advisory, these B2B clients are now servicing millions of local customers every day.
“These figures demonstrate our dedication to achieving financial inclusion,” Januszczak said.
“Our expansion in 2022, as the nation begins to recover from the pandemic, is consistent with our past success. As we step up our open finance initiatives and roll out new digital financial solutions this year, we are sure that we will be able to maintain our growth trajectory,” he adds.
Unique banking services helping UBX flourish
In breaking down the results, UBX said that i2i, its platform for banking as a service (BaaS), saw a 132 per cent increase in transaction volume as of the end of 2022. The platform serves rural and remote locations with basic banking services through more than 10,000 touchpoints across the nation.
In addition, UBX’s online lending platform, “SeekCap,” also generated more than P14 billion worth of business loans last year from over 65,000 micro-, small-, and medium-sized enterprises (MSMEs).
With “SeekCap,” lenders and MSMEs can easily connect online. The platform is currently the first “same-day approval” digital lending marketplace in the Philippines.
Likewise, over 100,000 MSMEs have since signed up with BUx, a wholly-owned subsidiary of UnionBank, which would allow them to use UnionBank’s end-to-end payment gateway for their digital transactions.
What helped UBX flourish, according to Januszczak, is the “large range of embedded financial services and solutions as well as its network of the biggest and most recognized financial institutions and service providers, insurers, lenders, and payment channels in the country.”
“We now see a future characterized by social and financial inclusivity,” beamed Januszczak.
“We at UBX remain devoted to achieving our objective of integrating all people into the financial systems. And this year, we intend to quicken the pace of our projects by fortifying our alliances with the public, as well as with corporate and non-profit sectors,” he adds.