Union Bank of the Philippines, the eighth-largest lender in the country in terms of assets, has teamed up with Microsoft and Swiss software company Temenos to bring Filipino banking to the cloud platform Azure and expand opportunities for financial inclusion and innovation in the Philippines.
The bank said in a statement Wednesday UnionBank’s fintech arm, UBX, under the tripartite agreement now has the capability to enable rural banks, micro-finance entities and cooperatives in the Philippines with technology to power their financial operations quickly.
Over the recent years, the adoption of technology in the financial services industry has grown exponentially, with recent strides on various innovations such as blockchain, virtual currency, instant payments and robotic process automation.
In the Philippines, digital banking has also seen rapid growth, raising financial literacy among Filipinos. People who used to have no access to financial services can now enjoy a myriad of options through various customer-centric platforms, allowing them to bank at their convenience.