UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, announced recently that it has partnered with cloud-native banking technology company Thought Machine and will soon be deploying its core banking engine, Vault Core.
Thought Machine’s next-generation core technology will enable UnionDigital Bank to swiftly build its products while offering flexibility, control, and ease of integration with other technology systems.
Vault Core’s unique product-building framework will be instrumental for UnionDigital as it will allow it to build, modify, and launch innovative new products. Vault Core is fully API-enabled and operates in real-time, allowing banks to have an up-to-date and accurate view of customer and ledger positions.
“We are delighted to be working with UnionDigital Bank – a leader and pioneer in the region and an exciting, high-potential initiative from the Union Bank of Philippines. With our technology, we look forward to seeing this new digital bank blossom and gain market share,” beamed Nick Wilde, MD of Thought Machine Asia-Pacific.
Thought Machine is made up of a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne. The company has been developing the foundations of modern banking with its cloud-native core banking and payments technology and has since raised over US$500 million in funding.
Vault Core, its cloud-native core banking engine, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and many more.
The Vault Core platform has been written from scratch as an entirely cloud-native system to give banks full control to build any product required to flourish in a rapidly changing world.
Empowering the country’s digital economy
“We put innovation at the heart of everything we do at UnionDigital Bank. It made sense to partner with Thought Machine, as they share the same passion for driving significant transformation through the power of state-of-the-art technology,” said Arvie de Vera, Co-founder, President, & CEO of UnionDigital Bank.
UnionDigital Bank’s mission is to empower the country’s digital economy by making digital banking safe and accessible to all. The partnership with Thought Machine accelerates this vision, making it one step ahead in achieving a Tech’d Up Philippines.
“Thought Machine’s next-generation core banking platform, Vault Core, is a key differentiator for UnionDigital Bank and enables a great foundation for the future of financial services,” said Pieter Franken, Chief Transformation and Technology Officer of UnionDigital Bank.
“At UnionDigital Bank, we are extremely excited about this future and the limitless possibilities it offers us. Thought Machine helped us draw this path further, by building a powerful digital bank in world record time that will serve and at the same time empower underserved communities to access financial services that they deserve,” adds Franken.
The UnionDigital Bank app is now live for a limited set of customers and is available by invitation only. Future updates on the launch will be available soon through the digital bank’s social media channels on LinkedIn, Twitter, and Facebook.