Fintech platform to empower MSMEs now out


    FERCH Reynoso of Jack’s Produce, an SME that creates savory plant-based foods found managing check deposits during the lockdown period extremely difficult. Not only were banks not operating full-time, but it was also almost impossible to physically deposit the checks without the needed permits.

    She shared how, with the use of Unionbank’s proprietary digital verification facility for checks, Jack’s Produce was able to cope up and continue its operations.

    Almost all MSMEs were affected by the pandemic and adjusting to the current way of doing things meant that physically conducting business became almost impossible.

    In the Philippines, the banking sector was not spared as the economy went into a recession by the second quarter of 2020. Specific segments of the sector’s market continue to be in increasingly vulnerable positions. Some customers face temporary financial strain. Individual and corporate borrowers may lack sufficient money. Those with special servicing needs, such as the elderly, require customized assistance, especially with the transition to digital banking. SME owners are focusing on keeping their business afloat by seeking efficient and accessible banking solutions.

    Understanding how decisive, time-bound, and wide-ranging policy responses was the way that Unionbank created the environment that allowed their clients to cope and maintain operations in the middle of the pandemic. Using their advanced and already secure technologies as a backbone, it developed the all-in-one access platform it calls SME Business Banking App.

    The SME Business Banking App is a one-stop-hub for all financial-related needs of a Micro, Small, and Medium Enterprise (MSME). Through the App, clients can open Business Checking Accounts without the hassle as well as take half the time it normally takes, allowing them to get access to online banking faster.

    It caters to every Philippine SME’s needs. In order to support these SMEs, UnionBank is providing an accessible and user-intuitive app that is tailor-fitted to how they want to run their business.

    “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,” Jaypee Soliman, UnionBank Vice President for SME Platforms said.

    Through the UnionBank SME banking app, any business owner can open their own checking account online with ease and convenience. There is no fuss as the account will be available and ready to use within the same day and there is no need to fill out any forms or visit a branch. The app also helps SMEs manage all their financial operations with just a few clicks.

    UnionBank also offers other SME banking solutions including SeekCap and UnionBank GlobalLinker.

    SeekCap is an online lending marketplace allowing Filipino business owners to access credit fast and easy, 24/7.

    With SeekCap, applying for a loan is purely digital so MSMEs can complete their application and get updates on their approval within the comforts of their home. There is no need to submit physical documents and appear at a bank to get approved. In a few easy steps, MSMEs can apply for a loan product tailored to their needs including finance for their inventory, payroll needs, expenses payables, and the likes.

    Loan applications through SeekCap can be initially approved the same day, which means that the documents submitted are still subject to review, and only until then will the disbursement take place.

    Currently, SeekCap offers business loans from UnionBank of the Philippines, Esquire Finance Inc., Zenith Capital Credit Group, Right Choice Finance Inc, SeedIn Technology, RAFI Micro-Finance, and Bangko Kabayan. SeekCap continues to work on onboarding additional lenders so more loan opportunities can be expected to be available soon.

    UnionBank’s GlobalLinker is a one-stop-hub digital platform for business owners to manage their inventory, teams, knowledge, and networks all in one single hub. The platform is committed to making SME businesses simpler, more profitable, and enjoyable.

    As of today, 250,000+ SME members have joined GlobalLinker’s community + knowledge platform to accelerate their learning, connections, and growth.

    Using these platforms, 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.

    “At the end of the day, we’re all in this together and we want to help all Filipinos be financially inclusive. We are a digital partner that Pinoy SMEs can trust and rely on amid any challenge,” Soliman concluded.


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