By Emmie V. Abadilla
UnionBank of the Philippines has signed a memorandum of understanding with NOW Corporation, the country’s largest fixed wireless access (FWA) broadband provider, and affiliate NOW Telecom to use fifth generation wireless technology for the bank’s digital transformation roadmap.
“The potential for 5G in financial services include reduced video lag for real-time video chat and consultations between bankers and consumers, full-power mobile pop-up branches, shift to the cloud for mobile banking, plus more accurate fraud detection and cybersecurity,” explained Rodolfo Pantoja, NOW Corp. deputy CEO as well as NOW Telecom President.
Already, NOW has established an FWA network infrastructure in Metro Manila, connecting more than 400 buildings, with service coverage of up to two kilometers per building.
Affiliate NOW Telecom enables the former to deliver high capacity gigabit of bandwidth Internet access, which is both scalable and repeatable nationwide. It has a 25-year congressional franchise to engage in the business of providing telecommunications services throughout the Philippines and other countries and territories, including outer space.
The National Telecommunications Commission also granted the telco firm with an authority to install, operate and maintain cellular mobile telephone system (CMTS) services.
UnionBank has revolutionized the banking industry by going full throttle in terms of its digital banking offering in the Philippine market, creating its own financial technology unit, UBX for its technology initiatives, platforms and investments in fintech companies.
Because 5G is expected to drive the enterprise industry, UnionBank wants to be at the forefront of the new technology. Its MOU with NOW enables the bank to harness next-generation network (NGN) technology, such as 5G, in its digital transformation.
Earlier this month, NOW Corp. forged a multi-year agreement with UnionBank for the provision of guaranteed broadband internet access. The first activated site with a one Gbps broadband connectivity via fixed wireless was UnionBank’s corporate headquarters in Ortigas Center, Pasig City.