Saturday, May 2, 2020

UBX’s network of merchants, sellers now reach 13,000.

  UBX, the fintech arm of the Union Bank of the Philippines (UnionBank), recently announced that it has now surpassed the 13,000-mark in terms of the number of merchants and sellers that are part of its fintech ecosystem.

The milestone was because of a recent surge in the number of sign-ups by Filipino entrepreneurs who are looking into investing more in e-commerce, amid the coronavirus 2019 outbreak and the enhanced community quarantine (ECQ) that is currently in effect in Luzon and other key areas nationwide to contain the spread of COVID-19.

With the current number of partner merchants and sellers in its platforms, UBX expects to be able to continuously provide payment services in convenience stores and other brick-and-mortar establishments without issue during the ECQ period.

This can be said especially for the company’s i2i platform, with which the company recently started rolling out rapid and remote mobile-enabled ATM solutions in partnership with leading Irish financial services provider Fexco. The partnership effectively expanded the fast-growing platform’s network of financial institutions that include rural banks, thrift banks, savings banks, cooperatives, and other non-banking financial institutions across the country.

As transactions continue to move to digital channels due to social distancing measures being practiced amid COVID-19, there is an opportunity for entrepreneurs to find new business online. This means there is a good chance for the e-commerce sector to grow steadily throughout the pandemic, compared with other sectors. This will in turn enable UBX to fulfill its goal of helping promote financial inclusion in the Philippines.

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