Philippines' best bank for SMEs 2021: UnionBank
UnionBank of the Philippines was well in the throes of what its bankers call “teching up” the 53-year-old institution, even before Covid-19 arrived.
In 2019, it made clear its ambitions to embrace the future and become the leading digital bank in the Philippines. As chief executive and president Edwin Bautista explains, ranking among the country’s top universal banks in profitability and efficiency requires constant disruption.
Staying ahead of peers is not just about embracing new technology, but also about devising it. It is even better if those efforts, and the bank’s support of local tech entrepreneurs, help the Philippines’ drive to become a Group of 20 country by 2050.
UnionBank’s strategy for digital transformation did not foresee the chaos of 2020. But it did prove to be quite a catalyst for the firm’s desire to fuse its tech ambitions with its role in the market for small and medium-sized enterprises.
In January, UnionBank launched a new SME Business Banking app to help companies that form the backbone of the economy navigate the pandemic. The app offers a broad range of digital options and functionalities at an ideal moment.