Saturday, July 20, 2024

UBX revenues balloon 5x in 2021, aims to ride growth momentum this year

UBX revenues balloon 5x in 2021, aims to ride growth momentum this year

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UBX, the leading open finance platform in the Philippines, recorded remarkable growth in 2021 with revenues ballooning by 5x, a momentum that the fintech innovator aims to ride on in 2022.

With the demand for digital financial solutions growing at rapid paces due to the pandemic, UBX served over 200,000 business to business customers, partnered with more than 2,000 independent banking agents and 250 financial institutions, and recorded an annual gross transaction value of P20 billion.

“The year 2021 was a real inflection point for us – it is when we achieved traction. Our goal is to continue to ride on this growth momentum in 2022 through constant innovation and the development of solutions that will further democratize access to financial services,” UBX President and CEO John Januszczak said.

Backed by Asia’s top digital bank UnionBank of the Philippines, UBX is the leading open finance platform in the country, enabling interoperability among different financial institutions by making data more accessible and portable.

UBX offers a spectrum of financial services, providing technology that allows them to be embedded into digital platforms and business ecosystems.

“We’re connecting people to the financial systems of the country, we’re doing it in a way that’s more affordable and providing more opportunity and access to everybody, and we believe that improves lives,” Januszczak said.

Over the last three years, UBX invested in building and developing various financial services that create more value for both consumers and businesses. Among its solutions are i2i, SeekCap, Bux, and Sentro.

A banking-as-a-service solution, i2i brings financial services to underserved communities through its network of financial services providers.

SeekCap, meanwhile, is the Philippines’ first same-day approval, digital lending marketplace developed for micro, small, medium sized enterprises who need access to credit to run and scale their businesses.

Bux, on the other hand, is an end-to-end payment gateway for businesses of all sizes. It allows businesses to accept payments from their customers through over 50,000+ of over-the-counter locations, including 7-Eleven and LBC, debit and credit card payments as well as wallet payments via GrabPay and GCash.

UBX is committed to continue developing new financial solutions this year, as it sees a huge opportunity in the industry with the rollout of the Bangko Sentral ng Pilipinas’ (BSP) policy framework for open finance.

“We believe in a future where financial services are embedded into the everyday experiences and activities that matter to businesses and people. We will continue to introduce more digital financial solutions this year to complement and support the open finance policy framework of the central bank,” Januszczak said.