UnionDigital Bank leads the pack in digital banking, emerges as "Best Digital Bank in the Philippines"

UnionDigital Bank leads the pack in digital banking, emerges as "Best Digital Bank in the Philippines"

Tuesday, March 26, 2024

• UnionDigital Bank is named 'Best Digital Bank in The Philippines’ by TAB Global’s Global Excellence in Retail Finance Awards 2024

• The digital bank subsidiary of Union Bank attributes the recognition to the exceptional growth it achieved in 2023, ending the year with a 65% market share in loans and 25% in deposits among digital banks 

• Within the period, the bank's loan-to-deposit ratio surged from 58% at the end of 2022 to an impressive 69%, surpassing that of its digital banking counterparts in the country 

In a period defined by technological innovation and digital transformation, UnionDigital Bank, the digital bank subsidiary of Union Bank of the Philippines, emerged as a leader in digital banking as it secured the distinguished title of the ‘Best Digital Bank in The Philippines’. Honored by the esteemed Global Excellence in Retail Finance Awards 2024, an award-giving body in the industry led by TAB Global, this achievement underscores UnionDigital Bank's relentless pursuit of innovation and its dedication to providing cutting-edge digital banking solutions. 

In 2023, UnionDigital Bank witnessed a remarkable surge in its balance sheet, observing an increase in both deposits and loans, more than doubling its previous performance. As of December 2023, the bank had attained a substantial 65% market share in loan portfolio size, while in deposit, it ranked second among digital banks with a commendable 25% share. Within the period, the bank's loan-to-deposit ratio surged from 58% at the end of 2022 to a noteworthy 69%, surpassing that of its digital banking counterparts in the country. 

This period marked a significant milestone as UnionDigital Bank achieved profitability in 2023, showcasing extraordinary growth with revenue soaring by 13 times, totaling over PHP 5 billion. The bank’s latest accolade as the ‘Best Digital Bank in The Philippines’ is a testament to its exceptional growth trajectory and enhanced profitability. 

"Being acknowledged as the 'Best Digital Bank in The Philippines’ confirms UnionDigital Bank's dedication to pioneering innovation and delivering exceptional value to our customers. This honor mirrors the hard work and dedication of our team in setting new benchmarks for digital banking and continuously striving to lead the industry into the future," said Henry Aguda, CEO of UnionDigital Bank. 

UnionDigital Bank, since its inception as the digital bank subsidiary of Union Bank of the Philippines, has been a trailblazer in the digital banking landscape, constantly pushing boundaries and redefining industry benchmarks. Through strategic collaborations with key partners such as digital healthcare platform mWell, ride-hailing Angkas, and Malaysian airline firm Capital A, UnionDigital Bank has reinforced its commitment to innovation and customer-centric services. 

"As we continue to solidify our position as a rapidly profitable digital bank in the Philippines, the recognition by The Asian Banker underscores our ongoing commitment to excellence and innovation in the industry. This distinction serves as an encouragement for us to further our efforts in promoting financial inclusion, enhancing our financial services, and cementing our role as a key contributor to the digital banking sector," commented Aguda.

Read More

Enstack Launches "HERstory": A Celebration of Women in Leadership

Enstack Launches "HERstory": A Celebration of Women in Leadership

Series aims to inspire professional ambition and personal growth by spotlighting trailblazing women in business and industry

Enstack, the AI-powered mobile app that enables everyone to be entrepreneurs, announced today the launch of EmpowHER HERstory, a year-long video series designed to spotlight the journeys, challenges, and achievements of female leaders across various industries.

EmpowHER HERstory, a new initiative from Enstack’s EmpowHER campaign, gives a closer look at the lives of influential women who balance professional success with personal roles such as that of mothers and primary caregivers.

As a female-led company, Enstack consistently highlights female entrepreneurs, emphasizing role models just ahead in their journeys for relatable inspiration. With EmpowHER HERstory, Enstack also wants to celebrate women who have reached the C-suite, built billion-peso businesses, or created an impact on millions of Filipino lives while juggling different personal roles, with an aim to motivate audiences toward even bigger dreams and substantial ambitions.

This series brings to the fore influential women including: 

● Yangyang Zhang, Xendit's Chief Innovation Officer, known for her pivotal role in financial innovation across Southeast Asia; 

● Ruoshan Tao, Canva's Head of Marketing for Southeast Asia and Latin America, who is transforming digital design accessibility worldwide; 

● Ambe Tierro, Country Managing Director at Accenture Philippines, who is setting the standard for excellence in the IT and consulting industry; 

● Berna Romulo-Puyat, Deputy Governor at the Bangko Sentral ng Pilipinas, instrumental in shaping national financial and economic policy; and 

● Quezon City Mayor Joy Belmonte, renowned for her dedication to community development and governance. 

In the Philippines, women hold 39% of senior management and have surpassed men in tertiary education enrollment, with a ratio of over 2.57 million women to 1.87 million men in AY 2021-2022. However, the labor force participation rate for women is at 34.5%, highlighting a discrepancy that underscores the critical importance of visible, diverse female leaders to inspire the next generation. 

"Within Enstack's ecosystem, where nearly 70% of merchants are women, we are deeply committed to amplifying female entrepreneurship and underscoring the significant impact women have on the economy. EmpowHER HERstory is about the power of visibility and representation. It's about revealing not only the achievements of women but also the paths they've taken, the obstacles they've overcome, and the significant impacts of their journeys,” shares Enstack's CEO, Macy Castillo. “This initiative is our way of inspiring viewers to dream bigger, encouraging not just young women but people from all walks of life to challenge norms, break barriers, and pursue their dreams with relentless passion."

Read More

GS1 Philippines kicks off landmark shift from barcode to QR code to bolster local retail industry’s digital transformation

GS1 Philippines kicks off landmark shift from barcode to QR code to bolster local retail industry’s digital transformation

In an era where consumers demand instant, transparent information about their purchases, the supply chain industry is undergoing a transformative shift. The 2023 Global Shopper Study by Zebra Technologies revealed that 77% of retail associates confirm that today's shoppers are more informed than ever, highlighting a well-connected, discerning consumer base.

In light of these evolving consumer expectations, businesses are revamping their products and supply chains to offer greater transparency, resilience, and sustainability. The study further reveals that approximately 7% of companies are incorporating or planning to incorporate business intelligence and analytics into their supply chain management strategies.

Responding to these industry challenges, GS1 Philippines, the leading organization on local barcode standards, has announced the start of the adoption of the 2D barcode in the Philippines aimed at further enhancing operational efficiency in the supply chain industry and bridging better product engagement between businesses and consumers with the advent of digital labeling.

The 2D barcode, most popularly known as “QR code,” leverages web technologies and the current barcode system to store extensive product information in just one scan. Through the QR codes, brand owners and retailers can easily interact with consumers and shoppers by providing in-depth information on their physical products. By scanning the QR code with a smartphone, buyers can instantly see ingredients, allergens, recipes, rewards, and promotions, as well as brand-authorized details about where the item was manufactured, facts about sustainable sourcing, guidance on recycling, easy ways to re-order, and other kinds of information.

The QR code also allows retailers and supermarkets to ensure product safety, guarantee product freshness, and reduce food waste. Additionally, it enables regulators to check a product's sustainable characteristics. 

Moreover, the migration to 2D barcodes improves operational efficiency in the supply chain industries. In addition to holding GS1's global trade item number found in the traditional 1D barcodes, the QR codes can now store essential information, such as a product's batch or lot number, serial number, and expiry date. With access to crucial data, all stakeholders in the supply chain can boost transparency, improve inventory management, enable traceability and sustainability initiatives, and simplify recall and return processes.

"In the face of rapid technological advancements, it's critical that we adapt to empower the supply chain industry further. The introduction of QR code technology serves as Pandora's box, opening infinite possibilities for brands and retailers to make their operations more efficient and improve customer engagement. GS1 Philippines members pave the way in this groundbreaking transition to more efficient and robust supply chain operations," GS1 Philippines President Roberto "Bobby" Claudio said. 

The announcement aligns with the global commemoration of GS1 Global's 50th anniversary of the barcode's invention, celebrating a legacy of innovation in business solutions through web technologies and GS1 Standards.

GS1 Philippines is eyeing to prepare industries for the shift to the 2D barcode by 2027. By then, all retail POS scanners globally are capable of reading and processing 2D barcodes powered by GS1 and there is broad, global brand owner implementation of the same.

Currently serving more than 5,000 retailers, GS1 Philippines targets to reach 30,000 businesses nationwide by the end of 2024.

To explore the infinite possibilities of one scan with GS1’s 2D barcode technology, you may visit https://www.gs1ph.org/ or their Facebook page.

Read More

The changing face of insurance: How tailored microinsurance products are key to relevance and adoption in the Philippines

The changing face of insurance: How tailored microinsurance products are key to relevance and adoption in the Philippines

For most people, understanding insurance boils down to the four most common types: life, health, auto, and long-term disability. While awareness of insurance importance is increasing, the aforementioned traditional insurance products are failing to resonate with many people due to various reasons including affordability, accessibility, and relevance. These factors have largely contributed to the low insurance penetration in the Philippines, which stands at 1.68% as of September 2023. 

This is where microinsurance is changing the game as insurtechs and insurance companies have introduced personalized microinsurance products that cater directly to the unique lifestyles and needs of Filipinos as they go through various stages of their lives. As an insurtech, Igloo and its partners have been instrumental in facilitating a wide array of microinsurance products that safeguard the unique needs of digital natives and underserved sectors. These products run the gamut from travel insurance, to electronics protection, e-commerce purchase protection, and even protection for the gamers’ health.

“While traditional insurance products may come with high premiums and broad coverage, microinsurance products are designed to provide targeted protection against specific risks that are relevant to our daily lives. By offering affordable products that address immediate needs, microinsurance can serve as the gateway to broader insurance protection and may be key to boosting insurance penetration,” said Roberto Vea, Commercial Lead at Igloo Philippines. 

Among the most popular insurance products Igloo PH and its partners facilitated are Gadget Protection and Online Shopping Protection. In 2023, Gadget Protection sold 10.3 million policies while Online Shopping Protection sold 1.98 million policies highlighting strong customer demand for coverage against electronic device damages and online purchase risks.

“Microinsurance empowers individuals to protect themselves against risks they face today, whether it's safeguarding their electronics from liquid damage or ensuring affordable coverage for spontaneous travel adventures. At Igloo, we believe it’s important for insurers and insurtechs like ourselves to continuously develop relevant products and make sense for our customers,” Mario added.

As of September 2023, microinsurance premiums in the Philippines have increased by 19.6% to P10.16 billion, and over 56 million Filipinos are now insured under microinsurance policies. 

“The growth of the microinsurance industry underscores how the approach to insurance awareness is no longer one size fits all–it must evolve alongside our digital-first lifestyles, safeguarding our ever-expanding virtual assets and providing peace of mind in the face of modern risks,” Vea explained. “This also means ensuring that the products are where our consumers are–online, thus making sure that the entire buyer’s journey from consideration, to purchase, and claims must be easy, accessible, and uncomplicated.”

According to a recent study conducted by Manulife, 41% of Gen Z individuals (aged 18-24 years old, according to McKinsey) plan to purchase insurance online in the next 12 months. Furthermore, the study found that 33% of millennials (aged 25-44 years old) have already bought insurance online. This indicates that younger generations are increasingly preferring and adopting online channels for purchasing insurance.

This is where the availability of embedded insurance was able to expand the channels of distribution, providing consumers with a convenient way to discover, evaluate, and purchase products in just a few clicks. Igloo does this through partnerships with major e-commerce platforms like Lazada and Shopee, leading payment platforms such as DANA in Indonesia and GCash in the Philippines, and retail chains like Circle K in Vietnam.

“As Igloo continues to play a vital role in making microinsurance accessible to millions of Filipinos, we remain committed to prioritizing products that not only raise insurance awareness and adoption but are also relevant, innovative, and customer-centric,” Vea ended.

Learn more about how Igloo’s tailored microinsurance solutions by visiting iglooinsure.com.

Read More

Zed launches first credit card created for Filipino young professionals

Zed launches first credit card created for Filipino young professionals

Sunday, March 24, 2024

Tailored for the Gen Z lifestyle, the new credit card offers no annual, interest, or foreign transaction fees

In the Philippines, despite the financial industry’s recent attempts at digitalization, customers still face significant hurdles when it comes to accessing credit products. A recent study by TransUnion Philippines showed that 94% of Filipino Gen Zs see the importance of credit and lending products to reach their financial goals. Still, only 35% report having sufficient access to such products. 

“If you talk to any Filipino, there’s still significant frustration with the complexity, lack of transparency, and bureaucracy embedded in financial services. Only 8% of Filipinos own a credit card, largely because it is incredibly difficult to get one if you don’t already have one,” said Danielle Cojuangco Abraham, Zed co-founder. 

Complicated application processes, tedious documentation, and arbitrary underwriting methods are among the challenges that disproportionately impact young people when applying for their first credit card accounts. Those lucky to get approved face astronomical APRs, punitive fees, and a broken customer experience. These observations led to the creation of Zed, the first credit card for young Filipino professionals.

“We founded Zed on the belief that young people in the Philippines and Southeast Asia deserve better financial products, better technology, and ultimately better service tailored to their lifestyles and exceeding their expectations,” Danielle added.

Created by two Stanford engineers and Y-Combinator alumni, Zed is a credit-led neobank regulated by the Bangko Sentral ng Pilipinas (BSP). Its first offering is a Mastercard Titanium credit card that boasts no interest, no foreign transaction fees, no annual fees and is backed by a groundbreaking app – all of which makes it the ideal credit card for everyday spending, travel, utilities, and everything in between.

“As a technology company from day one, we don’t have to pay for costly overhead like physical branches or bloated headcounts for manual, back office processes. We’re able to pass these savings on to customers in the form of no revolving interest, no fees, and excellent customer service. We started Zed on the premise that you could build financial services where a customer’s success was a core value,” said Steve Abraham, Zed co-founder. 

“Our proprietary technology platform allows us to remove the pain in traditional banking, deliver powerful first-to-market features, and provide a fair and transparent cost structure where both Zed and the customer could win,” he added.

This sentiment and Zed's mission resonated with many Filipinos. The waitlist received almost 25,000 sign-ups within the first three weeks.

“Our business model is simple and purposely built to succeed only if our customers do. Our revenue comes from the interchange fee, a standard fee that gets charged to merchants by all banks for transactions that flow over the Mastercard network,” Steve explained.

First-in-market features tailored to the Gen Z lifestyle

Beyond no interest and no fees, the Zed card is backed by a robust and secure app that ensures that customers always have full and instant control of their expenses by giving them a real-time view of their transactions, the ability to set spending limits and access to fraud controls like the ability to lock/freeze a compromised card in the app.

Zed also puts a premium on user privacy and security by offering unlimited virtual cards: Users can generate unique credit card numbers to use with merchants so they never have to worry about their primary card details being exposed. Zed also provides zero liability for all unauthorized transactions and protects customers from paying for charges made without their permission.

In addition to these features, customers enjoy an effortless payment experience facilitated through the app, where they can generate an InstaPay QR code to instantly settle their monthly bill from any bank app or e-wallet, ensuring stress-free on-time payments. 

The streamlined application process also allows customers to complete the entire card application within minutes through the app, eliminating the need for cumbersome documentation or in-person visits to bank branches. 

Zed determines smart credit limits based on current and future income, rather than outdated credit scores, traditional career profiling, or existing card limits. This approach caters to young professionals with high incomes but limited credit histories.

“At Zed, we’re reimagining what a credit card could be – smarter underwriting, groundbreaking features, no fees, and a revenue model that doesn’t rely on a customer’s failure to pay down their balance,” said Danielle.

Learn more about Zed and hop on the waitlist by visiting zed.co.

Read More

The New Architects of Tech: Three Female Leaders Creating a More Inclusive Industry

The New Architects of Tech: Three Female Leaders Creating a More Inclusive Industry

In an era of rapid technological advancement, women are challenging the status quo, redefining innovation, and promoting inclusivity in the industry. Their contributions, from research and development to leadership, demonstrate that women are essential drivers of technological progress and diversity.

According to a Boston Consulting Group study, only 35% of the tech workforce in the Philippines comprises women, despite having the highest number of women technology graduates in the Southeast Asia region (48%). The disparity of opportunity and gender-based discrimination in the workforce is still prevalent despite years of advancing the rights and welfare of women in a male-dominated sector—or perhaps in society. 

Amidst the challenges, these three leading ladies are helping forge a path for future female innovators to make their mark in the technology landscape.

Progression Towards a Digital Philippines

Emmy Lou Versoza-Delfin, Director IV for ICT Industry Development Bureau at the Department of Information and Communications Technology, brings a fresh perspective on the role of government in accelerating the country's digital transformation. With 25 years of forwarding the local ICT industry, Delfin is at the forefront of initiatives to ensure that technology serves as a catalyst for empowerment and equal opportunity for all Filipinos, especially women in the tech sector. Some of these initiatives include promoting diversity in leadership, creating safe and inclusive workplaces, offering training and skill development programs, and opportunities for networking and community-building.

"As a woman leader supporting the tech industry, my motivation stems from the belief that diversity in leadership drives innovation and inclusivity in the digitalization process. The DICT and the local tech industry are actively taking steps to create a more inclusive environment for women. Overall, these efforts contribute to creating a more inclusive and supportive environment where women can thrive and contribute meaningfully to the advancement of technology and innovation," Delfin emphasized.

“Remember, you have the power to shape the future of technology and make a positive impact in the world. Keep pushing forward with determination, resilience, and confidence,” she added.

Leading in Innovation: The Path Forward

This evolving narrative of female leadership in technology serves as a bridge to similar progressions in adjacent sectors, illustrating that the momentum of change can happen anywhere. We witness a parallel beacon of female leadership in Rosemarie Ong, Senior Executive Vice President and Chief Operating Officer of Wilcon Depot Inc. Under Ong's stewardship, Wilcon Depot Inc. has embarked on an ambitious digital transformation journey, setting new standards in the retail and construction supply industry.

Recognizing the critical importance of keeping pace with technological trends, Ong has spearheaded initiatives such as the VR Store Experience and the development of MyWilconApp, which have revolutionized customers' interactions with Wilcon's vast product offerings. Ong's vision extends beyond enhancing customer experience; it's about creating a ripple effect of empowerment and inclusivity. "By investing in women, we foster an inclusive society—transforming the landscape of business competitiveness and productivity," she asserts.

An Inclusive and Thriving Workplace for Women

Historically dominated by male leadership, the tech sector is witnessing a remarkable shift towards gender inclusivity and diversity, thanks to visionaries like Atty. Aileen Regio, co-coordinator of Eastern Communications. With a steadfast belief in the power of innovation and the vital role of women in tech, Regio has been at the forefront of Eastern Communications' transformation. 

Her leadership during the challenging pandemic has not only steered the company towards embracing ICT solutions but has also showcased the indispensability of female leadership in driving technological advancement and organizational change. “Time has truly changed for the better. I want to encourage more women to take the lead and showcase their talents and capabilities,” she highlighted. 

At Eastern, Atty. Regio commits to be a transformative force not just in breaking barriers for women tech innovators, but also in spearheading innovation and adapting to the evolving digital era, “I firmly believed that embracing innovation was best for the company and would benefit our people.” Her seven years of visionary leadership have not only advanced Eastern Communications' position in the telecommunications industry but have also exemplified a broader movement towards inclusivity and progress.

Looking towards the future, Regio envisions a tech industry where women are not just well-represented but are steering the path toward innovation. "I dream that women in tech will thrive, driving innovation and leading change," she stated. With initiatives focused on diversity and gender equality, such as the full implementation of the Anti-Sexual Harassment Act and Safe Spaces Act in the workplace and equal capacity-building opportunities, Eastern Communications is committed to making this vision a reality, paving the way for a more inclusive and equitable tech landscape.

The technology industry is changing. Despite the challenges, there's a growing recognition of the need for gender equality and the invaluable contributions women bring to the tech scene. From leadership roles to groundbreaking innovations, women are proving indispensable in pushing the boundaries of what's possible in tech.

The message is clear: the future of technology is not just digital—it is unequivocally inclusive. As we navigate the complexities and competitive tech scene, women will thrive and leave their mark in the world. 

To learn more about Eastern Communications’ women-led programs and services, contact 5300-7000 or visit www.eastern.com.ph.

Read More

Genteel Home ushers in a new era of Filipino furnishings, unveils Heart Evangelista as newest brand ambassador

Genteel Home ushers in a new era of Filipino furnishings, unveils Heart Evangelista as newest brand ambassador

Friday, March 22, 2024

Genteel Home, one of the country’s leading manufacturers of bespoke furniture, is on a mission to help uplift the Philippines’ home furnishing industry and put the spotlight on the exceptional talent and ingenuity of Filipino craftsmen. To pave the way, they've partnered with Heart Evangelista, the country’s top international fashion and style icon.

On March 14, Genteel Home's Founder and Principal Designer, IDr. Katrina Blanca de Leon, proudly announced Heart Evangelista as the brand's newest ambassador. She sees Heart Evangelista as a symbol of their brand's growth and evolution. "We've been crafting beautiful furniture for over a decade, and now, with Heart on board, we're blooming like never before," Katrina said. She added that Heart Evangelista embodies everything Genteel Home stands for – passion, pride in Filipino roots, and a belief in making a mark on the world.

Looking ahead, Genteel Home is set on expanding its reach to international markets, showcasing the Philippines' rich talent in home furnishings. Heart Evangelista’s global recognition, not only for her fashion sense but also her social media influence, makes her an ideal representative for the Genteel Home's global aspirations. "Heart's involvement with Genteel Home signifies our readiness to make our mark on the international stage," Katrina emphasized.

Heart Evangelista, known for her global acclaim in the world of fashion and beauty, affirmed and expressed her admiration for the international quality of Genteel Home pieces, “Genteel Home is super at par with international furniture. Not a lot of people talk about it, that's why it’s so nice that Kat and Genteel Home are here to show the world what we’ve got. Most furniture suppliers that you see in the global scene are actually from the Philippines. We are world class. It’s important that we’re trying to celebrate that,” she said.

Genteel Home's journey began in 2013, when Katrina received a special commission that ignited her passion for furniture design. Since then, the brand has been dedicated to crafting pieces that inspire beauty and creativity in every home.

Beyond aesthetics, Genteel Home is committed to sustainability and community engagement. By investing in a Mahogany farm, they're not only ensuring a steady supply of materials but also contributing to environmental preservation and providing livelihood opportunities for local communities.

For Genteel Home, every piece of furniture is crafted with love and purpose. Their collaboration with Heart Evangelista represents a shared commitment to excellence, sustainability, and Filipino craftsmanship, setting the stage for an exciting future ahead.

Read More