UBX, the Philippines’ leading open finance platform, has entered into a strategic partnership with Yufin, the All-in-One Negosyo app that streamlines the business processes of micro, small, and medium enterprises (MSMEs).
Under the partnership, Yufin will leverage UBX’s technology to offer more digital payment options to small merchants, their shoppers, and suppliers as they venture into the digital economy. The partnership allows UBX to scale up its operations further to cater to a larger network of Filipinos.
“This strategic partnership with Yufin will allow us to serve more Filipinos – consumers and businesses – and enable them to participate in the digital economy easily. With UBX’s proprietary technology, Yufin will be able to strengthen its operations while providing better services to its partner merchants, suppliers, and of course, their respective customers,” UBX CEO and President John Januszczak said.
Using Yufin’s platform, merchants can accept customer payments from multiple payment options, including over-the-counter, e-wallet, online banking, and more.
Yufin goes against the grain of traditional business models by making digitalization accessible for small businesses, turning them into acquisition channels for digital services, and reducing customer acquisition costs so they can generate more income simply by using their mobile phones in their daily operations.
By expanding its digital solutions, UBX plays a key role in guaranteeing seamless transactions for Yufin’s partner merchants.
“Partnering with UBX enables us to provide better services to our merchants and their customers because they can choose payment options more suited to their needs. UBX has our full trust, and we could not be more honored to enter into this venture with a platform which shares the same advocacy for financial inclusivity,” Shubhrendu Khoche, Yufin’s Co-founder and Director, said.
Yufin is a global platform for the following billion small merchants, their shoppers, and suppliers. By partnering, instead of competing with established banks, the app provides assisted digital financial services to small merchants, turning them into their customers’ preferred banking and credit hubs. It aims to raise the income of at least 10 million households by 50 percent in the next five years.
With a large and diverse partnership portfolio, UBX equips its partners with open finance technology for payments, disbursements, and loans to leverage digital solutions for all types of transactions – payments, registration, and even credit.
Last year, UBX broke ground in industries such as the metaverse, insurance, the women’s sector, and even government institutions to advance its goal of true financial inclusion.
“We hope to partner with more companies and organizations who advocate for the inclusion of MSMEs in the digital economy. As the country’s leading open finance platform, we are always eager to find more ways in which we can guarantee true financial inclusion.” Januszczak said.