UnionBank’s Chief Information and Operations Officer Dennis Omila revealed on September 7, how the digital banking pioneer helped startups and fintech companies during the 2022 UnionBank Innovation Festival at the UnionBank Innovation Campus.
During a media briefing with the press, including LionhearTV, Omila cited that they embraced startups and fintech, and cited their collaboration with small-scale companies.
“We embrace them. Our mentality is–our belief is that, they have a unique value that they bring, and we have our unique value as well, and we collaborate. ‘Yung iba kasi parang they look at the fintech and the startups– parang what they’re doing, ‘we’re bigger, we’re going to see what they’re doing, do it ourselves, and kill them.’
“Sa amin hindi, we believe that they’re part of the ecosystem, they have their unique value so we bring people together, we can serve the Filipinos better.”
He then revealed how UnionBank opened its patented software to startups and fintech companies.
“We have exposed our capabilities, so if you are a fintech, you have an application. You can actually embed, or it’s called ‘invisible banking.’ We call it ABC, and I put Instapay, Bills Payment, and Buy Load in my app, but you don’t know what’s powering it– it is UBP. You don’t see it anymore. But a lot of fintechs today actually consume our capabilities that is already/ embedded/ in their app.”
He also cited how they go above and beyond for the startup clients through online presence maintenance.
“Sa amin, it’s not just giving them loans so that they could ano–get the financial services that- they can be effective.
“Before, we we’re talking to some startups, we realized that they don’t have presence on the internet, guess what, we ended up maintaining websites for them. Does the bank need to do that normally no, but we wanted to go beyond and help them do that.”
Union Bank of The Philippines recently launched ‘The Future of Banking is with U,’ The 2022 UnionBank Innovation Festival at the UnionBank Innovation Campus complex in San Pedro, Laguna. The inaugural three-day event is the first of annual gatherings celebrating banking technology and Filipino ingenuity slated from September 7 to 9, 2022.
Attendees of the opening ceremonies include; UnionBank Chief Technology & Operations Officer and Chief Transformation Officer Henry R. Aguda, Huawei Philippines Enterprise Business President Alex Luan Mingming, Department of Information and Communications Technology (DICT) Undersecretary David Almirol Jr., and UnionBank Board of Director Manuel D. Escueta.