UBX, the leading open finance platform in the Philippines, ended 2022 on a positive note, as it ramped up efforts to advance open finance in the country while promoting financial inclusion.

Since its inception in 2018, UBX has achieved multiple major milestones through its financial ventures, empowered by its desire to make sure that underserved and unbanked communities in the Philippines have access to various financial tools and solutions.

Over the last three years, UBX’s customer base grew by 184x, bringing transaction volumes to a growth rate of 411x to P41 billion at end-2022.

The platform also boasts over 230,000 business-to-business (B2B) customers that serve millions of local customers daily.

“These numbers reflect our commitment to our goal of financial inclusion. Our growth in 2022, amid a country recovering from the pandemic, is consistent with our performance over the years. We are confident that we will continue treading on a growth path this year, as we ramp up our open finance initiatives and introduce new digital financial solutions,” UBX President John Januszczak said.

In 2022, UBX boosted its drive for financial inclusion through its extensive range of embedded financial services and solutions and a network of the biggest and most reputable financial institutions and service providers, insurers, lenders, and payment channels in the country.

i2i has become the fastest-growing banking-as-a-service platform in the Philippines, after growing its transaction volume by 132 percent since it was introduced in 2018.

Meanwhile, SeekCap, UBX’s online lending platform, has processed over P14 billion of business loans in 2022 from more than 65,000 micro, small, and medium enterprises (MSMEs).

SeekCap bridges lenders and MSMEs through its online platform. It is the Philippines’ first same-day approval digital lending marketplace. To further complement its ecosystem of financial services, UBX also operates BUx, an affordable end-to-end payment gateway for local businesses.

Source: ManilaTimes.net