As the coronavirus pandemic continues to overwhelm the world, companies across the globe are scrambling to take swift, often game-changing actions to protect not just their businesses but also their nation’s economies.
UBX, the fintech company of Union Bank of the Philippines (UnionBank), through its i2i platform for rural banks, has stepped up to the plate during this crisis. It has started linking i2i rural bankmembers to its new network that includes LBC, PeraHub, and Cebuana Lhuillier outlets nationwide.
This i2i network enables customers of these rural banks to now send funds and payments to over 11,000 additional locations across the country.
Anna Riza Dadivas and Rachel Miraflor, single mothers working as household helpers in Manila, were the first to benefit from this newest feature of UBX’s i2i platform. Both were able to successfully send money to their respective children in Pontevedra, Negros Occidental.
MVSM Bank, the pilot bank for this new feature, expressed excitement to be part of this undertaking.
“This product brings the clients of MVSM Bank closer to their families in the provinces. Aligned with MVSM Bank’s digital transformation plans, we are happy to be part of this pilot project with UBX.
“Since this is the new normal, the time is right to begin reaching out to the unbanked market of the country thru i2i,” said Gigette Javier-De Luna, president of MVSM Bank, a rural bank since 1953 and a member of the i2i platform.
“We are really excited about this feature and we believe this will help a lot of Filipinos who need access to send and receive funds, especially during this COVID-19 pandemic and the enhanced community quarantine,” said John Januszczak, president and CEO of UBX Philippines.
“By adding more options for cash-in and cash-out points, we hope to lessen the travel and time outside the home for Filipinos when they access financial services, particularly during this pandemic,” he added.
Januszczak believes this solution, along with the deployment of i2i mobile ATMs, will also help enable the provision of government support amid the public health crisis.
“We are working on adding more partners to the i2i network. Palawan Express Padala will be rolled out soon and apart from this, we also plan to tap other financial institutions and fintechs,” he said.