UnionBank’s UBX Opens Singapore HQ
UBX, UnionBank’s fintech venture studio and fund, expands its operations in Singapore to further its vision of invisible banking in Asia. Since its launch in 2018, UBX has pioneered financial services solutions integrated into everyday activities of people and businesses. The new Singapore headquarters is the bridge for startups who would like to enter the Philippine market by partnering with UBX’s award-winning ventures.
“Expanding reach within Asia continues to be an important focus for UBX,” Cyrus Cruz, who joined UBX Singapore as Country Head, said in a statement. “We are thrilled to further extend our presence in the region, starting with Singapore - known as the main regional fintech hub of upcoming start-ups and great talents in Asia. UBX has strategically set up an office here to contribute to, and benefit from the established ecosystem. This will not only expand our network, it’ll also help us learn from different companies in the country. ” he added.
UBX is fast-tracking its expansion because of the rapid growth of fintech with 2 out of 3 financial transactions being made online today. In 2020, $1.6 billion was invested in fintech startups in Southeast Asia according to a study by Dealrooom. UBX ventures are experiencing significant growth fueled by the coronavirus pandemic. For instance, SeekCap - UBX’s digital lending platform in the Philippines - processed over USD 60 million worth of business loans for MSMEs just one year after its launch. While i2i, UBX’s banking-as-a-service platform, had a 3000% monthly volume increase for its portable Mobile ATM services in 2020.
For its impact on fintech and financial inclusion, UBX was recognized as the Fastest Growing Fintech Company in South East Asia 2021 by the Global Banking and Finance Review. As a leading venture studio in the region, it was only natural to open its 2nd headquarters in Singapore where the growth trajectory of the fintech industry has been steady and impressive. John Januszczak, the Chief Executive Officer of UBX reiterates “We aim to support companies who would like to enter the Philippine market through strategic partnerships leveraging both UBX’s technological expertise and open finance footprint in the Philippines."
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