Union Bank of the Philippines (UnionBank)’s fintech arm UBX has rolled out several groundbreaking initiatives during the quarantine period.
To help facilitate the release of cash subsidies, the company last month started the deployment of i2i mobile ATMs (automated teller machines) where beneficiaries of the government’s Social Amelioration Program can withdraw their money quickly.
These mobile ATMs, deployed in rural banks and financial cooperatives that are members of UBX’s i2i platform, help address the growing need to access cash amid the lockdown prompted by the COVID-19 outbreak.
Also last month, UBX has begun linking its rural bank members to its new network that includes Cebuana Lhuillier, LBC, PeraHub and soon Palawan Express.
These partnerships enable customers of i2i rural bank members to now send funds and payments to over 11,000 branches of the four remittance centers across the country.
Meanwhile, as the e-commerce sector is among those hardly hit by the coronavirus crisis, UBX is also extending assistance to online entrepreneurs, starting with the thousands of Lazada merchants.
Through its lending marketplace SeekCap (SeekCap.ph), online businessmen can readily avail of loan products tailored to their needs, within the comforts of their home. There is no need to submit physical documents and apply at a bank to get approved.
SeekCap offers business loans from P50,000 to P800,000 with a 2-3% monthly interest.
The SeekCap marketplace is supported by OneConnect’s smart lending platform that enables lenders to digitally process and approve loans.