UBX’s SeekCap has been selected as a finalist in the Societal and Community Impact Innovation category for the 2020 BAI Global Innovation Awards, a prestigious awards program that recognizes financial services organizations that have gone beyond the conventional to bring creative ideas to life, especially during a time of unprecedented change.
The 2020 BAI Global Innovation Awards finalists represent the most distinctive, impactful solutions in the global financial services industry, and UBX, the fintech spinoff of Union Bank of the Philippines, was selected from hundreds of nominations submitted.
UBX’s SeekCap is the Philippine’s first same-day approval loan marketplace for MSMEs in the country. Through SeekCap, multiple banks and lending institutions can swiftly create and launch loan products on the marketplace, thereby allowing MSME borrowers to choose what loan product best suits their business needs and apply for loans digitally and seamlessly on a single platform. Loans are approved on the same day, and disbursed within three working days. This is a drastic improvement on the turnaround time for traditional loan application processes in the country that usually take 30 to 90 days.
MSMEs who were previously unable to get access to financing because of being ‘thin-file’ or not having the bank statements and long credit history to show as proofs, can now be financially included. This is because SeekCap goes beyond traditional means and leverages alternative data sources to assess their credit worthiness.
This solution was built by UBX together with OneConnect Financial Technologies to provide an end-to-end digital lending marketplace that allows MSMEs to quickly ‘seek capital’ – search, compare and apply for credit digitally and seamlessly, and enjoy fast approval within a day. SeekCap is a play on the Filipino word ‘sikap’ which means perseverance, diligence, and hard work.
“Now more than ever, MSMEs play a critical role in revitalizing the Philippine economy. Yet, MSMEs are acutely affected by access to credit and working capital, which has been further impacted under COVID where manual and paper-based lending practices are difficult and often impossible. With a fully digital experience and quick approvals, SeekCap addresses this gap. MSMEs don’t even need a bank account to apply. UBX is honoured by BAI’s recognition of our mission to provide opportunity and access for all,” said UBX President and CEO John Januszczak.
Since its inception in 2011, the BAI Global Innovation Awards recognizes industry leaders from all regions of the world. It showcases what these innovators are doing to deliver new value to customers and employees, as well as to improve efficiencies and profitability for their organizations. To learn more about the BAI Global Innovation Awards and all of the finalists, please visit BAIGlobalInnovations.com
654 total views, 2 views today