BSP OKs UnionBank’s stand-alone trust entity

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has given Aboitiz-led Union Bank of the Philippines the go-signal to put up a stand-alone trust corporation.

In a disclosure to the Philippine Stock Exchange, UnionBank said that it has received a certificate of authority from the BSP for UnionBank Investment Management and Trust Corp. (UBIMTC) to operate as a stand-alone trust corporation.

UBIMTC is a wholly owned subsidiary of the bank.

“Further disclosures regarding the commencement date of operations of UBIMTC shall be made at the appropriate time,” the bank said.

Meanwhile, UnionBank’s digital banking arm introduced its soon-to-launch payments platform Ubeh Pay at the first Cashless Expo PH 2023.

UnionDigital Bank Inc. said Ubeh Pay offers bill payments, QR-led payments, contactless payments enabled by tapping technology, and a combo card that combines the convenience of a virtual debit card with the flexibility of a credit line to support cashless payments in the country.

UnionDigital Bank president and CEO Henry Aguda said Ubeh Pay, which will be available for users in 2024, is the standout feature in its app, showing off the digital bank’s dedication to making everyone part of the financial game through easy, convenient, and secure cashless transactions.

“It’s the beginning of our efforts to ensure that every Filipino has access to straightforward digital banking. With a portfolio of exciting projects in development, we are dedicated to our mission to play a pivotal role in realizing comprehensive financial inclusion across the nation,” Aguda said.

UnionDigital is dedicated to advancing cashless platforms both domestically and internationally, with the overarching goal of enhancing financial inclusion.

As a BSP-licensed digital bank, it expands digital payment options for Filipinos through Ubeh Pay while providing access to a suite of banking products via its mobile application.

Users get to strengthen their credit portfolio, thereby improving their eligibility for future financial opportunities such as loans, credit cards, and related offerings.

As part of its target segment, UnionDigital is also actively working to extend banking accessibility to overseas Filipino workers (OFWs).

“Encouraging cashless transactions plays a key role in making banking services more accessible and convenient for everyone, yet let’s not forget that cold hard cash is still a big player in many transactions. UnionDigital Bank, which was founded to uplift Filipinos through accessible banking, aims to strike a balance as it sets out to launch Ubeh Pay by 2024,” Aguda said.

Pats de Villa, chief product development officer at UnionDigital, said the process and the channels by which consumers are able to transact payments must be the least of their worries.

“In curating solutions for Ubeh Pay on the app, we took into consideration the unique needs of each segment. In the end, we are prioritizing simplicity and a seamless touchpoint for various types of payment transactions that Filipinos would need in order to fulfill their everyday needs,” de Villa added.

Organized by the BSP and the Department of Trade and Industry, Cashless Expo PH 2023 aims to promote cashless transactions in the country.