UnionBank PR | November 4, 2019
UnionBank was selected as among five banks to watch out for in digital banking in Asia by leading financial publication Asiamoney in its special 30th-anniversary edition.
UnionBank joins the league of digital banking giants Ping An of China, Kakaobank of South Korea, WeBANK of China, and E.Sun Commercial Bank of Taiwan.
This selection also includes UnionBank as among “30 financial institutions to look out for in the next decade – globally, regionally, locally, in investment banking, in digital banking, and in sustainable finance,” said Asiamoney, a division of the global media group Euromoney.
Having made big bets to digitize – ranging from establishing digital branches to leading blockchain revolution – UnionBank has been internationally acclaimed for its digital transformation, earning numerous prestigious awards including, among others, the Best Digital Bank Philippines award from Asiamoney for three consecutive years, and the Best Bank Transformation in Asia from Euromoney.
At first we did [digitization] out of fear of digital disruption. Now we’re seeing ourselves as a disruptor, too, and given our lead in this area, we have a chance to leapfrog the competition.
– Edwin R. Bautista, President & CEO, UnionBank
Most recently, UnionBank established UBX, its fintech subsidiary for technology initiatives, platforms, and investments in fintech companies. It ushers the age of embedded banking or banking made through a platform other than a bank like mobile apps and the internet of things (IoT).
Bautista said banking may soon become an invisible part of platforms and ecosystems, which is why they need “to embed banking services in as many everyday touchpoints as possible.”
It took three years to put the culture in place, Bautista said on their commitment to digital banking. And as other Philippine banks are starting to follow suit, he shows no sign of fear.
“We do not fear competition nor digitalization per se as these are part of change. Rather, we are futureproofing our organization and our business to prepare for many new opportunities,” Bautista told Asiamoney.