Global banking software firm Temenos works in collaboration with UBX, a fintech subsidiary of the Philippines' UnionBank to create an inclusive banking initiative. The two join to reach the goal of providing digital banking services to millions of people in the Phillippines within the upcoming five years. In order to achieve this goal, the financial institution UBX partners will have access to the highly scalable integration of Temenos' main banking software.
This way, both contributing efforts are able to create rural banking opportunities, as well as microfinance entities and cooperatives in the country to move towards more digital methods of financial management in a cost-efficient manner. Notably, YBX has also created a series of plug-and-play services in order for rural banks to reach undeserves and unbanked consumers in remote communities through digital banking, including its i2i blockchain technology.
Image Credit: Temenos
Why This Trend Is Growing
- Inclusive Banking
- The collaboration between Temenos and UBX creates an opportunity for other financial institutions to create inclusive banking initiatives in developing economies.
- Digital Banking Services
- The delivery of digital banking services to millions of unbanked people in the Philippines is a trend that presents an opportunity for technology companies to partner with financial institutions in developing economies.
- Plug-and-play Services
- UBX's creation of plug-and-play services for rural banks presents an opportunity for other technology companies to develop similar platforms that enable financial inclusion in remote communities.
Industries Being Reshaped
- Banking Software
- The collaboration between Temenos and UBX highlights an opportunity for banking software companies to create solutions that enable financial institutions to offer digital banking services.
- Fintech
- The collaboration between Temenos and UBX showcases the importance of fintech companies in driving financial inclusion in developing economies.
- Blockchain
- UBX's i2i blockchain technology presents an opportunity for blockchain companies to develop similar platforms that enable financial inclusion in remote areas.
