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UnionBank has just launched a mobile banking app that is tailored towards the needs of MSMEs.

This development in digital banking is just the latest in the unique achievements of UnionBank, also a recipient of the “Best Bank for SMEs” award, and is part of their advocacy to “tech up the Philippines” and to support small businesses. The app is the first of its kind in the Philippines and even in the region.

During the online launch event for the app, UnionBank President Edwin Bautista talked about how MSMEs in the country were among the hardest-hit by the pandemic but also the most resilient because they were able to successfully pivot to digital operations. Bautista mentions that the bank aims to reach a million MSMEs in the next five years and so far have already reached 175,000 businesses.

The new app is a one-stop shop for MSME’s diverse financial needs.

“They can do their basic banking transactions, link to our platforms. They can open their online stores, track inventory, apply for loans and so forth,” Bautista said.

“As the country continues to recover, Philippine SMEs need innovative, convenient, and secure banking solutions. Through our platform, we want to empower them to bank the way they want and according to what their business needs,” said Jaypee Soliman, vice president of the bank’s SME segment.

“Throughout the years we’ve come to realize that, in order for us to truly deliver fantastic user experience and really meet the needs of our clients, is that we have to build it from scratch,” said Antonio Miguel D. Dans II, UnionBank vice-president and lead product manager for Business Banking, as he did a walkthrough of the app. He talked about how the bank had to create a solution catering to the specific needs of MSMEs.

Among the many features of the app include:

  • Digital Account Opening
  • Account Management
  • Bills Payment
  • Single and Batch Fund Transfers
  • E-Gobyerno
  • Mobile Check Deposits

These transactions can be done in real-time and in a hassle-free manner and include transactions to both local and international banks. A major benefit of the mobile app, particularly during the ongoing community quarantine, is that MSMEs can acquire all their financial needs from the comfort and safety of their homes.

The app features advanced analytics and top-notch security including multi-factor authentication that allows the use of biometric security and one-time pins to ensure that all transactions are done safely.

Other UnionBank banking solutions geared towards MSMEs include UnionBank GlobalLinker, which helps MSMES manage their inventory and teams as well as provides “knowledge about the local landscape, as well as expand their network all in one place” and SeekCap, an online marketplace where MSMEs can easily find business loans for their growing needs.

The UnionBank SME Banking app is available to download for free on the App Store and Google PlayStore.