MANILA, Philippines — The financial technology arm of Aboitiz-led Union Bank of the Philippines has struck a deal with Tokyo-based financial services conglomerate SBI Holdings, as the latter acquired a minority stake in UBX.
The deal would allow both parties to collaborate in developing more impactful digital transformation solutions tailored for the needs of enterprises in the Philippines, UBX said in a statement.
“The investment of SBI Holdings in UBX will allow us to combine our local expertise and digital transformation capabilities with SBI’s vast experience in digital finance to develop more impactful and scalable solutions for the Philippine market,” UBX president and CEO John Januszczak said.
UBX also said it would leverage the new capital to expand its footprint and develop advanced financial and digital transformation solutions. This would meet the rising demand for digital services in the Philippines.
“The SBI partnership will drive new and exciting financial technology innovation for inclusivity and nation building,” UBX global chief technology officer Mario Domingo said.
The partnership between UBX and SBI Holdings is expected to foster a robust exchange of knowledge and expertise, strengthening UBX’s position as a digital transformation leader in the country.
The deal will also open new opportunities for SBI Holdings to explore more business opportunities in the Philippine market.
“We see immense potential in the Philippine market, one of the fastest growing economies in the region. Our investment in UBX reflects our belief and confidence in UnionBank’s innovative approach to digital transformation,” SBI Holdings president Yoshitaka Kitao said.
In 2018, UBX emerged as a spin-off from UnionBank and started as a corporate venture capital arm to invest in fintechs and digital businesses.
Since then, UBX has transformed into one unified open finance platform by consolidating its core solutions, achieving 22 percent market penetration in its first four years and serving over 250,000 businesses.
The SBI Group, founded in 1999, is a financial group centering on securities, banking, and insurance. It was the pioneer of internet-based financial services in Japan.
In addition to its core financial services operations, the SBI Group also engages in asset management, investment, crypto-asset and next-gen business on a global scale.