Union Bank of the Philippines (UnionBank) became the first bank to go live during the ceremonial launch of the Open Finance for PERA (OFxPERA) Pilot led by the Bangko Sentral ng Pilipinas (BSP).
The initiative simplifies the Personal Equity and Retirement Account (PERA) onboarding process through secure, consent-based sharing of bank or e-wallet KYC data, removing the need for manual forms and ID checks.
“Technology should elevate lives, and we are proud to stand before you with a live integration. By integrating Open Finance into the PERA ecosystem, we open new ways for individuals to manage their long-term financial goals with greater ease and confidence,” said UnionBank president and CEO Ana Aboitiz Delgado.
UnionBank said the pilot aligns with its mission to democratize financial services and supports the BSP’s goal of expanding retirement savings access.
With nearly 1,000 APIs and connections to about 200 institutions, the Bank has laid the groundwork for Open Finance-driven innovations.
UnionBank also highlighted its recent merger of UnionBank Investment Management and Trust Corporation with ATRAM as part of its push for more personalized financial services. It plans to apply learnings from the pilot to its UnionBank Online app to provide wider access to digital financial tools.
