UBX partners with Temenos on inclusive banking initiative to transform banking in the Philippines
Temenos' cloud-native, cloud-agnostic banking software to empower rural banks, cooperatives, and microfinance institutions with agility, scalability, and modern technology
GENEVA, Switzerland – May 23, 2019 – Temenos (SIX: TEMN), the global banking software company, today announced a partnership with UBX, the fintech subsidiary of UnionBank of the Philippines, the seventh-largest bank in the Philippines. The UBX partnership with Temenos aims to deliver digital banking to millions of people in the Philippines in the next five years. The partnership will give UBX partner financial institutions access to Temenos' integrated and highly scalable core banking software. Together, they will enable rural banks, microfinance entities and cooperatives in the Philippines to digitize their financial operations quickly and in a cost-effective way.
UBX has developed a range of plug-and-play services to help rural banks reach unbanked and underserved customers in remote communities through digital banking. One such service, known as i2i, leverages blockchain technology to bring millions of unbanked Filipinos to the financial system by connecting rural banks to each other and to the country's main financial networks. This turnkey banking solution is already helping participating rural banks transform their operations. UBX is enhancing its offering by bringing world-leading core banking software to its network of financial institutions. This new partnership with Temenos makes core banking modernization more accessible, enabling rural banks to scale up and expand their business with a low total cost of ownership.
UBX is building a digital transformation package that enables rural banks, microfinance entities and cooperatives to deliver digital innovation to their customers. The combination of UBX's background in developing open platforms and Temenos' revolutionary Temenos T24 Transact will bring extensive banking capabilities to financial institutions across the Philippines.
John Janusccczzak, CEO, UBX, commented:
"At UBX, our mission is to build platforms that bring businesses and people together. As part of that, we provide access to needed technology and services while connecting communities. The rural banking community in the Philippines has been championing financial inclusion for decades. Temenos, with 25 years of expertise in developing market-leading, scalable banking software, will help us provide the most tailored, innovative and advanced core banking solution to our rural banking customers."
Martin Frick, Managing Director – APAC, Temenos, said:
"We are delighted that UBX has chosen to partner with Temenos to make transformational technology more accessible to rural banks and microfinance entities. With Temenos' cloud-native, cloud-agnostic, API-first software, UBX will be in an ideal position to empower banks to provide cutting-edge digital banking solutions, as well as innovative products and services. We are proud to welcome UBX to the Temenos community and look forward to working together to revolutionize banking in the Philippines."