Despite the unprecedented challenges brought by the pandemic, Union Bank of the Philippines (UnionBank) continues to push for more financial inclusion via UBX, its fintech spin-off.
The latter’s “i2i” platform keeps on growing its network of i2i-digitized rural banks to help achieve greater financial inclusion especially among rural Filipinos.
Launched just in 2019, i2i is a DLT-based (“Distributor Ledger Technology”) platform that links rural banks to the country's mainstream financial network. To date, the network has 106 bank members on the network, representing thrifts, rural, and cooperative banks; making up a total of 2,000 branches nationwide.
“We are doing everything we can to help ease the lives of Filipinos in these trying times. By expanding our network of rural banks and including other financial institutions, it will be easier for everyone to transfer funds to one another, securely and conveniently…” said UnionBank President and CEO Edwin Bautista.
i2i has also connected its rural bank members to a new and vital non-Bank network that includes remittance centers like Cebuana Lhuillier, LBC, Palawan Express and PeraHub; making it possible for their customers to send funds and payments to over 11,000 more across the country!
UnionBank’s initiatives have not gone unnoticed as it has been ranked as the only Philippine Bank included and the second most helpful bank in Asia-Pacific during the coronavirus crisis according to BankQuality.com* Consumer Survey on Retail Banks—an online survey conducted last April 1-30, 2020 and covering total 11,000 respondents, with 1,000 each coming from China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.
UnionBank ranking in Asia-Pacific placed it higher than big international banks such as HSBC, Citibank, DBS, CIMB, United Overseas Bank and OCBC, among others.