OneConnect Financial Technology Co. Ltd. has partnered with UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines (UnionBank), to build the country’s first blockchain-enabled platform. This development was on 22 July.
OneConnect conveyed that this partnership was mainly to meet the banking needs of micro, small and medium enterprises (MSMEs). OneConnect highlighted that the partnership upholds both UBX and OneConnect’s dedication in accelerating digital transformation in the Philippines. OneConnect emphasized that they were using their technological advancements to help financial institutions better serve the underbanked communities.
Ms. Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology expressed –
“We believe there is huge economic potential in the MSME sector and we have confidence in how our technology can help enterprising businesses leapfrog into better ways of doing business. We are excited to be partnering with UBX in the Philippines, because we share the same vision of how technology can empower communities that traditionally cannot be reached. With OneConnect’s proven technology solutions and UnionBank’s deep market knowledge and domain expertise in catering to MSMEs, we look forward to introducing impactful financial solutions for MSMEs in the Philippines.”
OneConnect clarified that the partnership comes as a recognition of the vital roles of MSMEs in the Philippine economy. OneConnect conveyed that many MSMEs were suppliers and service providers to large enterprises. The firm opined that it created jobs for the country’s growing labor force and stimulate economic development. The much-benefited regions were rural and remote areas. OneConnect noted that MSMEs also encourage new entrepreneurs.
OneConnect suggested that an active MSME sector was an indication of a thriving and growing economy. OneConnect, however, ruefully noted that the sector still faced various constraints that prevent it from realizing its full growth potential.
Similarly, OneConnect Financial Technology has made an endeavor to expand the footprint and accelerate digital transformation in Asia. OneConnect has been steadily ramping up its presence in the Asia Pacific region since the launch of its regional office in Singapore last year.
OneConnect concluded by sharing thoughts about its financial technology. OneConnect is a reputed technology-as-a-service platform for financial institutions in China. OneConnect integrates extensive financial services industry expertise with market-leading technology. Such prowess helps provide technology applications and technology-enabled business services to financial institutions. OneConnect indicated that these solutions enable their customers for digital transformation. Customers are benefited to increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs.