As demand for digital financial solutions skyrocketed in the pandemic, local open finance platform UBX quintupled its revenues last year and expects to sustain its growth momentum in 2022.
In 2021 alone, UBX hauled in P20 billion in annual gross transaction value serving over 200,000 business to business customers.
It also partnered with more than 2,000 independent banking agents and 250 financial institutions.
“The year 2021 was a real inflection point for us – it is when we achieved traction," according to UBX President and CEO John Januszczak.
"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.”
Backed by Asia’s top digital bank UnionBank of the Philippines, UBX enables interoperability among different financial institutions by making data more accessible and portable.
"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 explained.
Over the last three years, UBX invested in developing 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 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 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," the president underscored.
"We will continue to introduce more digital financial solutions this year to complement and support the open finance policy framework of the central bank,” he pledged.