Blockchain
UnionBank is Retail Banker International’s Asia Pacific Retail Bank of the Year 2020
Union Bank of the Philippines (UnionBank) was declared the winner of Asia Pacific Retail Bank of the Year at the recent 35th Annual Retail Banking International Global Awards in London.
At the virtual awards ceremony that honored the best of the best in global retail banking, UnionBank was cited for its key initiatives particularly for the fintech ecosystem, serving as a leader in industry associations such as the Fintech Philippines Association and Distributed Ledger Technology Association of the Philippines and supporting various conferences, meet-ups, mixers and hackathons for the community.
UnionBank partners with top fintechs in the Philippines and other parts of the world to tech up small and medium enterprises (SMEs) which are constrained in terms of resources and access to pursue digitization.
By vetting and partnering with fintechs including those for human resources, payments, financing and APIs, among others, the bank was able to extend services to small and medium enterprises that they would otherwise not have access to.
In addition, UnionBank also has the largest API marketplace in the country, which now has over 300 APIs and over P3 billion worth of transactions. This allows the bank to openly collaborate with fintechs and tech companies, at speed and scale, on various projects.
Recently, UnionBank has also collaborated with blockchain-based platform Adhara and OCBC bank in Singapore to create a blockchain-powered remittance service aimed at better cross-border remittances and broader financial inclusion for overseas workers and their loved ones in the Philippines.
Through its wholly owned subsidiary—UBX—UnionBank invests in startups and fintechs that are in line with its transformation roadmap. These include logistics platform XLOG and Philippine digital asset exchange PDAX, among others.
The bank also has various institutions and programs to upskill and encourage innovation within the bank, its partners, and the developer community such as the institutes for blockchain and data science and artificial intelligence.
In a statement, Retail Banker International editor and chair of the judges Douglas Blakey said despite the pandemic, when there are more important priorities for banks than awards, there is genuine innovation and product investment going on that deserves to be recognized.
SOURCE Union Bank of the Philippines
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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