In a bid to help the government ease the plight of the public amid the coronavirus disease 2019 (COVID-19) crisis, Union Bank of the Philippines (UnionBank)’s fintech arm UBX has rolled out several initiatives during the quarantine period.
To help facilitate the release of cash subsidies, the company last month started the deployment of i2i mobile ATMs (automated teller machines) where beneficiaries of the government’s Social Amelioration Program can withdraw their money quickly.
These mobile ATMs, deployed in rural banks and financial cooperatives that are members of UBX’s i2i platform, help address the growing need to access cash amid the lockdown prompted by the COVID-19 outbreak.
By digitally connecting community-based financial institutions best positioned to serve the financially excluded, the i2i network and i2i mobile ATM are extremely well poised to support our government’s effort to contain the pandemic, while enabling the provision of much needed relief to those affected.
–John Januszczak, President and CEO, UBX Philippines
Last month, UBX begun linking its rural bank members to a new network that includes Cebuana Lhuillier, LBC, PeraHub and soon Palawan Express.
These partnerships enable customers of i2i rural bank members to now send funds and payments to over 11,000 branches of the four remittance centers across the country.
Also read: UBX’s Network Of Merchants, Sellers Now At 13,000
“We are really excited about this feature and we believe this will help a lot of Filipinos who need access to send and receive funds, especially during this COVID-19 pandemic,” Januszczak said. “By adding more options for cash-in and cash-out points, we hope to lessen the travel and time outside the home for Filipinos at this point.”
Also read: Early Digitization Eased UnionBank’s Shift To ‘New Normal’
Meanwhile, as the e-commerce sector is among those hardly hit by the coronavirus crisis, UBX is also extending assistance to online entrepreneurs, starting with the thousands of Lazada merchants.
Through its lending marketplace SeekCap (SeekCap.ph), online businessmen can readily avail of loan products tailored to their needs, within the comforts of their home. There is no need to submit physical documents and apply at a bank to get approved.
SeekCap offers business loans from PHP50,000 to PHP800,000 with a 2-3% monthly interest.
The SeekCap marketplace is supported by OneConnect’s smart lending platform that enables lenders to digitally process and approve loans.
Januszczak is optimistic that the situation will get better in the near future, especially with the various sectors doing their best to contribute ways to meet the challenges spawned by the pandemic.
