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MSME reach is UnionBank’s ulterior motive for newly-launched banking app

Teddy Cambosa - January 20, 2021

Manila, Philippines – In response to the steady recovery of the Philippine banking industry and to provide better funding opportunities for small businesses, UnionBank has announced the launch of its new UnionBank SME Banking app, aimed at the country’s growing small and medium enterprises (SMEs).

Through the new banking app, UnionBank’s newest innovation aims to continue empowering SMEs to embrace digital transformation and unlock more opportunities for them to pivot, grow, and thrive in the now digital normal. 

Furthermore, It also underscores UnionBank’s primary goal of using its digital expertise to extend more financial services to all Filipinos, including the strategically-vital SMEs who comprise about 99% of the country’s registered businesses. 

“Specific segments of the sector’s market continue to be in increasingly vulnerable positions. Some customers face temporary financial strain. Individual and corporate borrowers may lack sufficient money. Those with special servicing needs, such as the elderly, require customized assistance, especially with the transition to digital banking. SME owners are focusing on keeping their business afloat by seeking efficient and accessible banking solutions,” the bank said in a press statement.

Through the UnionBank SME banking app, any business owner can open their own checking account online with ease and convenience. There is no fuss as the account will be available and ready to use within the same day and there is no need to fill out any forms or visit a branch. The app also helps SMEs manage all their financial operations with just a few clicks. 

“At the end of the day, we’re all in this together and we want to help all Filipinos be financially inclusive. We are a digital partner that Pinoy SMEs can trust and rely on amid any challenge,” said Jaypee Soliman, vice president of the SME Segment at UnionBank.

UnionBank also offers other SME-related services including their online lending marketplace SeekCap that allows easier lending for SMEs, and business digital platform hub UnionBank GlobalLinker which integrates their business inventory, team and knowledge on the local SME scene all in one platform.