UBX, the leading open finance platform in the Philippines, closed out 2022 on a high note, as it ramped up efforts to promote open finance and financial inclusion in the country. Since its launch in 2018, UBX has achieved numerous significant milestones, driven by its mission to ensure that underserved and unbanked communities in the Philippines have access to various financial tools and solutions.
Over the past three years, UBX’s customer base has grown by an impressive 184x, resulting in a 411x growth rate in transaction volumes, reaching P41 billion at the end of 2022. The platform also boasts over 230,000 business-to-business (B2B) customers that serve millions of local customers on a daily basis.
“These numbers reflect our commitment to our goal of financial inclusion,” said UBX President John Januszczak. “Our growth in 2022, despite the challenges of a country recovering from the pandemic, is consistent with our performance over the years. We are confident that we will continue on a growth trajectory this year, as we ramp up our open finance initiatives and introduce new digital financial solutions.”
In 2022, UBX intensified its drive for financial inclusion through a comprehensive range of embedded financial services and solutions and a network of the country’s biggest and most reputable financial institutions, service providers, insurers, lenders, and payment channels.
Fastest growing open finance platform
i2i has emerged as the fastest-growing banking-as-a-service platform in the Philippines, after experiencing a 132 percent increase in transaction volume since its launch in 2018. By leveraging its network of financial service providers, i2i has been able to establish over 10,000 touchpoints throughout the country, bringing basic banking services to underserved communities in rural and remote areas.
P1T of business loans processed
In 2022, SeekCap, the online lending platform of UBX, successfully processed over P14 billion worth of business loans for micro, small, and medium-sized enterprises (MSMEs). With over 65,000 MSMEs utilizing the platform, SeekCap has established itself as a reliable and efficient way for these businesses to access funds quickly.
As the Philippines’ first digital lending marketplace to offer same-day approval, SeekCap continues to revolutionize the lending process by connecting lenders and MSMEs through its online platform.
Transforming payments
To complement its portfolio of financial services, UBX operates BUx, an affordable end-to-end payment gateway for local businesses. As of December, BUx has reached over 100,000 signups from micro, small, and medium-sized enterprises (MSMEs), making payments simple and easy through its digital solutions such as payment links, Universal QR codes, and Buy Now Pay Later services.
BUx enables MSMEs and enterprises to accept a variety of payment methods from over 60,000 over-the-counter locations such as 7-Eleven and LBC Express, as well as debit and credit card payments and e-wallet payments through GrabPay and GCash.
Bringing art into the blockchain
In 2022, UBX established a joint venture with art-tech startup Unit 256 Ventures Inc. called Artifract. The platform allows individuals to purchase fractions of art pieces as non-fungible tokens (NFTs).
Artifract serves as a valuable resource for art derivatives, museums, private collectors, and artists by preserving fine art, protecting the copyright of each piece, and future-proofing collections. The platform enables the Philippine art community to mint, buy, sell, and collect exclusive Fractional NFTs by renowned artists, making it more accessible for people to collect and appreciate art.
Digitalizing the government
In 2022, UBX strengthened its partnerships with the government by launching the Digital Transformation ng Pilipinas (DigiPinas) Initiative, a multistakeholder advocacy group focused on the digital transformation of the country. The initiative aims to deliver digital transformation to local government units through digital tools and solutions, in line with UBX’s goal of financial inclusion and bringing government services closer to underserved constituents.
UBX also spearheaded the creation of the Open Finance Foundation, which advocates for the adoption, education, and consumer research and protection needed to realize the benefits of Open Finance. The foundation brings together relevant stakeholders, including other financial institutions, government agencies, non-government organizations, and more, to create initiatives that support the development of open finance in the country.
In addition, UBX was tapped by the Philippine Postal Corp. to co-create Project Kasama Lahat, an initiative that aims to convert post offices into digital financial hubs to bring financial services closer to the masses.
“We believe in a future that is marked by financial and social inclusion. We at UBX are committed to our goal of including everyone in the financial systems. And we plan to accelerate our initiatives this year by strengthening our partnerships with the government, private sector, and civic organizations,” said Januszczak of UBX.
