Philippines Champions Global and Local PPP to Strengthen Fintech Ecosystem at SFF 2023

MANILA, PHILIPPINES—President Ferdinand Marcos Jr. underscored strategic collaboration with diverse domestic and international stakeholders to position the Philippines as a hub for digital innovation and entrepreneurship. This was highlighted during his keynote address at the Singapore Fintech Festival (SFF) 2023, the world’s largest fintech event, where he made history as the first statesman to deliver a holographic speech at the said festival.

He emphasized that both local and global public-private partnerships (PPPs) play a vital role in enabling the Philippines to adopt new technologies that would strengthen the country's fintech ecosystem. The implementation of innovative solutions, coupled with enhanced financial education and inclusion initiatives, will effectively meet the needs of underserved communities in the country. This, in turn, serves as a tangible demonstration of the Philippines’ potential to contribute solutions to regional and global challenges.

Earlier this year, the Marcos Jr. Administration's Private Sector Advisory Council (PSAC) created the GoDigital Pilipinas (GDP) movement to provide practical recommendations, envisions empowering Filipino citizens through technology for a connected and inclusive society. PSAC comprises industry leaders and experts spanning six primary sectoral groups: agriculture, digital infrastructure, jobs, healthcare, build-build-build, and tourism.

UnionDigital Bank, the digital bank of UnionBank of the Philippines and a key partner in pushing the GDP movement, demonstrates a commitment to addressing diverse needs, including those of underserved and unbanked Filipinos. Through AI-powered solutions, the digital bank works towards financial inclusion by providing access to bank products that are traditionally beyond reach due to stringent requirements.

Advocating for embedded finance, UnionDigital collaborates across industries to enhance access to digital bank products, fostering financial inclusion by engaging customers where they are most present. Ecosystem partners include the prominent local motorcycle taxi company Angkas, the country's first fully integrated health app mWell, and airasia’s e-wallet app BigPay.

The digital bank showcased its commitment to innovation and inclusivity at the SFF, championing its proprietary framework, Customer Lifetime Prosperity Index (CLPI)—a metric illustrating customer financial health. This approach reflects UnionDigital’s dedication to banking and fostering long-term prosperity for its customers.

Henry Aguda, President and CEO at UnionDigital Bank, shared, “As part of our mission to empower Filipinos everywhere, we prioritize addressing customer needs to improve their financial health. With CLPI, we are able to do that by addressing the financial sustainability of the mass market. Our strategic partnerships amplify this impact by enabling us to understand our customer’s behavior more and enhance our products based on that. These advantages align with our support for the government's pursuit of more partnerships to foster growth in the Philippine fintech ecosystem.”

Since 2018, UnionDigital’s parent bank, UnionBank, has consistently taken part in SFF, recognized as one of the most impactful fintech events worldwide. The 2023 theme of SFF centers on "The Application of AI in Financial Services," aligning with UnionBank's commitment to "Inclusive Financial Growth Powered by AI." This mirror’s UnionBank's ongoing initiative to 'Tech Up, Pilipinas' by harnessing innovative technologies such as AI to contribute to nation-building. The focus is on showcasing the practical implementation of AI within UnionBank and its key subsidiaries, emphasizing the utilization of AI for fostering inclusive financial solutions and improving customer experiences.

UnionDigital Bank Poised to Accelerate Growth in Digital Loans with P 900-M Capital Approval from UnionBank

MANILA, PHILIPPINES—UnionDigital Bank (UD) secured a capital infusion approval of up to P900 million from its parent bank, Union Bank of the Philippines. This latest additional infusion will help drive the digital bank’s expansion, particularly in digital loans which will soon be launched in the UD app.

This capital boost will enable UD to expand its digital loan offerings via its app and APIs, providing customers with faster access to credit and a seamless loan application process. The capital infusion is still subject to Bangko Sentral ng Pilipinas (BSP) regulatory approval.

“This approved funding indicates UnionBank’s confidence in our strategic growth plan and strong financial performance. We will use this to fuel our growth trajectory and allow us to better serve the financial needs of our customers,” said Henry Aguda, President and CEO of UnionDigital Bank. “Nearly 70% of our customer base comprise of individuals with limited means at the base of the income pyramid - these are the people we want to help and include in the financial system.”

UD also recorded net profits in the first quarter of 2023, driven by its ecosystem-led business model. Moreover, the digital bank’s push towards embedded finance enables new avenues for customers to engage with banking services.

UD kickstarted this with their recent partnerships with mWell, implementing embedded financial services for its 1.5 million customers and 5,000 doctors and health professionals, as well as HUAWEI, tapping into their 7 million customer base and ecosystem of services.

“We have built a strong pipeline of partnerships and are actively scaling up our digital channels to help us diversify our deposit base and loan book,” said Mike Singh, Chief Commercial and Revenue Officer, UnionDigital Bank. “The approved capital will not only improve our financial strength but also unlock a lot of opportunities, especially in driving our mission to improve access to credit for every Filipino, regardless of their location. As we accelerate our digital loan offerings, we will empower more Filipinos to achieve their financial aspirations, wherever they may be.”

UnionDigital Bank is on a mission to bring financial inclusion, uplifting one community at a time. With this in mind, the digital bank is committed to break down barriers that prevent individuals from accessing financial services, empowering Filipinos everywhere to build a secure future.


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About UnionDigital Bank:

UnionDigital Bank is a digital bank entity wholly owned by UnionBank of the Philippines. We are a Bangko Sentral ng Pilipinas (BSP) licensed digital bank committed to financial inclusion and creating positive impact on the lives of every Filipino, everywhere. As part of the larger Aboitiz Group, we weaponize our ecosystem, leverage on its expertise, and work collaboratively to achieve our dream of a financially inclusive Philippines.

Our mission is clear - we strive to provide accessible and personalized banking services, products, and financial knowledge to every Filipino, no matter where they are in the world. As a fully digital bank, we aim to empower our customers with the tools and resources they need to achieve their financial goals and truly uplift their lives.

Learn more at www.uniondigitalbank.io.

UnionDigital Bank and Metro Pacific Investment Corporation’s Digital Healthcare Arm, mWell, Join Forces to Drive Health and Financial Wellness

MANILA, PHILIPPINES – UnionDigital Bank (UD), the digital bank subsidiary of Union Bank of the Philippines, recently announced its partnership with the country’s first fully integrated and fully digital health and wellness platform, mWell. The collaboration comes as part of UD’s efforts to make financial services more accessible to Filipinos. 

UnionDigital Bank will provide mWell’s patients with a holistic health and financial wellness experience by integrating its banking services into mWell’s app. Being the number one digital lender in the Philippines, UD is committed to providing innovative solutions to enable more individuals and businesses to obtain the financial resources they need to achieve their goals. 

mWell, on the other hand, aims to bring healthcare to more Filipinos here and abroad through its fully integrated, sustainable, and future-proof digital platform. It provides a seamless end-to-end journey for its patients – from booking a video consultation to having their medicines delivered to their doorsteps. As part of the MPIC group, it is committed to working towards the achievement of the United Nation’s Sustainable Development Goals, particularly SDG 3: Good Health and Well-being.

Recently, mWell was recognized at the highly-coveted 2023 Global Mobile Awards at the Mobile World Congress in Barcelona Spain. They bagged the award for Best Mobile Innovation for Digital Life, Digital Everything Category. 

Having the same objective of using innovation in providing ease and improving access to wellness for its customers, mWell and UnionDigital Bank will strive to make healthcare services more affordable by offering digital banking products, such as medical emergency loans and flexible payment terms, integrated within the mWell app.

“Joining forces with UnionDigital Bank is a major step towards improving the overall healthcare experience of our customers. It will bring a new level of convenience and support, enhancing our ability to deliver on our mission of empowering people to live their healthiest lives,” said Chaye Cabal-Revilla, President and CEO, mWell; Chief Finance, Risk, and Sustainability Officer, MPIC.

By working together, UnionDigital Bank and mWell can create a more efficient and effective digital experience that prioritizes the needs of its customers from health to finances.

“Combining our expertise in digital banking and healthcare innovation, our partnership with mWell will enable us to offer cutting-edge solutions and seamlessly integrate our services into their app, making it easier for their customers to manage the financial aspects of their healthcare journey,” said Henry R. Aguda, President and CEO, UnionDigital Bank. “Together, we are committed to empowering mWell users to have greater control over their health, allowing them to focus on what truly matters – their health and well-being.” 

This is a milestone for both UnionDigital Bank and mWell as they mark a major step forward in driving financial inclusion and improving the overall healthcare experience of its customers. 

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About UnionDigital Bank

UnionDigital Bank is a fully digital bank and a wholly owned subsidiary of UnionBank of the Philippines. The UnionDigital Bank app is now live for a limited set of customers through invitation only. Future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitter, and Facebook.  Learn more at www.uniondigitalbank.io.  

About mWell
mWell, is the health technology platform developed by Metro Pacific Health Tech Corporation that offers telemedicine, health and wellness programs, e-commerce, among others, in an integrated, tech-based healthcare digital ecosystem. 

Metro Pacific Health Tech Corporation is a wholly-owned subsidiary of Metro Pacific Investments Corporation, the leading infrastructure investment company in the Philippines with investments in various infrastructure assets, including healthcare. 

As part of the MPIC Group, mWell is committed to work towards the achievement of the UN’s Sustainable Development Goals, particularly SDG 3: Good Health and Well-being. It also supports the MVP Group’s Gabay Kalusugan advocacy focusing on quality and affordable healthcare. For more information, visit: www.mwell.com.ph.