UnionBank boosting digital financial inclusivity

UnionBank boosting digital financial inclusivity

Digital & Technology

UnionBank Publication

UnionBank Publication

289 week ago — 3 min read

Singapore — The digital services platform provider GlobalLinker and the UnionBank of the Philippines provided the venue on Tuesday under which the various micro, small and medium enterprises (MSMEs) could meet and link up with one another to form networks under which their businesses prosper.

This was learned from UnionBank executives and their partners at GlobalLinker who paired the various MSMEs in Metro Manila and around the country in a meetup dubbed TradeConnect by its proponents.

The ultimate goal is to promote cross-border trade between entities in Asia and elsewhere, first by facilitating the meetup in Singapore in the event marketed as TradeConnect.

The initiative forms part of the larger Singapore fintech 
festival reputed at the largest of its kind in the world.

MSMEs account for the bulk of business establishments in the country and serve as the country’s economic backbone.

At the event, UnionBank president and CEO Edwin Bautista said the lender’s experience in digital innovation will allow them to exploit the vast untapped opportunities in the Philippine market.|

In the Philippines, only 30 percent are banked while the bulk or 70 percent have effectively been excluded, according to Bautista.

He argued the financial system is expanding as well such that even if there are new players coming in, the economic benefits of participation can also be expanded.

“Even into even if new players will enter, the pie can be expanded and the market is big enough for everyone. So from that, we decided to pursue digital transformation,” Bautista said.

According to GlobalLinker co-founders Summi Gambhir and Sameer Vakil, they said that they have been inspired by the undying spirit of entrepreneurs along with their dreams for businesses.

“(Our goal) is to make the business growth of SME globally, simpler, more profitable and enjoyable,” they said.

In the Philippines, over 35,000 MSMEs are already onboard the UnionBank GlobalLinker platform which was launched late last year right after it received the approval of the Bangko Sentral ng Pilipinas (BSP).

Also, various financial institutions such as Esquire and Singapore based fintechs 
SeedIn and Acudeen have embarked on the platform which addressed financial borrowing woes of MSMEs.

According to the platform’s lead proponent Dino Velasco, among the primary need of MSMEs is the funding that can help them expand and grow their businesses in addition to business presence concerns and business connections.

With the UnionBank GlobalLinker in place, MSMEs now have the support they need in terms of financing and business network connections.


Article source: tribune.net.ph


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