The Philippines – Commercial banking company Union Bank of the Philippines (UnionBank) has unveiled its Open Finance Innovation Hub, the first-in-industry program that will provide an open digital ecosystem for innovation and co-creation in the country.
According to UnionBank, the Open Finance Innovation Hub will provide a platform where various organisations can work together, learn from each other, and create cutting-edge solutions that will drive progress and transformation in the fintech industry.
Last April 13, The Fintech Business Group of UnionBank launched its Open Finance Innovation Hub at the UnionBank Innovation Campus in San Pedro, Laguna. This program promotes open innovation by offering a digital ecosystem that breaks down silos and encourages trust and collaboration.
The first phase of the Open Finance Innovation Hub starts with a 12-week capacity-building program for start-ups, incubators and accelerators, and venture capitalists to create the innovation ecosystem, whilst the second phase consists of creating an open-source platform.
In this space, collaborators from different industries can publish and consume problem statements, data, and models, becoming the perfect tool to co-create new ideas for innovation.
UnionBank kicked off the launch with contract signing ceremonies that sealed the collaboration between the bank and its first two batches of partners. AHG Lab Chief Operating Officer and Founders Launchpad Program Supervisor Rene Cuartero, LaunchGarage Chief Operating Officer Jojo Flores, Foxmont Capital Partners Managing Partner Franco Varona, and Animo Labs Executive Director Frederico Gonzales make up the first batch of partners.
Meanwhile, Aboitiz Equity Ventures Chief Transformation Officer Emilie Sydney-Smith, UBX Business Lead Mark Gorospe, and Philippine Stock Exchange Chief Operating Officer Atty. Roel Refran comprises the second batch of partners.
“Overcoming the challenges of open innovation requires a willingness to foster a culture of collaboration, to overcome the silo mentality that often inhibits innovation. It requires us to build trust and relationships, because trust is required between partners, which can be built through effective communication, transparency, and a mutual understanding of the end goal,” said UnionBank Fintech Business Group Head Erika Dizon-Go.
“Innovation is in UnionBank’s DNA, and this is why we created this space, to bring together the enthusiasts and experts from different industries, put our heads and minds together, and create ideas and solutions,” said UnionBank Chief Human Resource Officer Michelle Rubio.
Rubio added, “Open innovation matters more now because there is really a need to drive progress and transformation not just in our business, but society in general.”