Union Bank of the Philippines has noted an exponential increase in fund transfers online since the pandemic.
Edwin Bautista, UnionBank president and chief executive officer, said at the launch of the UnionBank SME banking app yesterday the number of transactions surged to a million in December 202 from just 40,000 in January of the same year.
Bautista said the number could reach 2 million per month as Filipinos continue to adopt digital banking.
One segment that has quickly embraced online banking is the small and medium enterprises (SMEs).
To address the need for an innovative, convenient, and secure banking solution fit to SME operations, UnionBank developed an all-in-one access platform .
Any business owner can open their own checking account online with ease and convenience.
UnionBank also offers other SME banking solutions including SeekCap and UnionBank GlobalLinker. Through SeekCap, business owners can apply for a loan fast and hassle-free.
Through UnionBank GlobalLinker, a one-stop-hub digital platform, SMEs are able to manage their inventory and their respective teams, gain more knowledge about the local landscape, as well as expand their network all in one place.