Solidifying its reputation of being a bank for MSMEs, Union Bank of the Philippines (UnionBank) recently launched UB Negosyante, its “Powered UP” solution for micro, small, and medium enterprises (MSMEs), at the Podium Hall in Mandaluyong last Nov. 8. The new brand for UnionBank’s MSME business banking was unveiled to the media and launched to a gathering of MSME clients and prospects.
UB Negosyante’s “Powered UP” campaign comes on the heels of the Bank’s business banking app being recognized as the Best Smart Payments Solution by an SME Bank by The Digital Banker at the recently held Global Retail Banking Innovation Awards 2023 in Singapore. UB Negosyante was launched with the aim of supporting MSMEs in their entrepreneurial journey by prioritizing their needs, whether they’re small and medium business owners, sole proprietors, or micropreneurs who want to take their business to the next level.
UnionBank launched the MSME Business Banking app in 2021 and the powered up UB Negosyante builds on the benefits of the original app as it has enhanced tools that can help entrepreneurs take their business even further. During the launch, UnionBank showcased successful MSME clients while Marketing Entrepreneurship Mentor (and UnionBank independent director) Josiah Go shared Innovation tips for the attendees and participated in a fireside chat with seasoned entrepreneurs, Jorge Wieneke and Nene Tamayo-Plamio, in a program hosted by Lia Cruz.
According to UnionBank Institutional Segment Marketing Head Dino Velasco, the new name “UB Negosyante” represents UnionBank’s commitment to support the Filipino MSME and help them rapidly grow their businesses though digital means.
“The new UB Negosyante app will ensure that the growth and momentum of our current clients will continue as we enable new clients to enjoy the same success,” Velasco said.
“SMEs face so many challenges due to various pain points which can be discouraging to them. We wanted to address those pain points, so we put together a single user experience through the UB Negosyante app that will address those pain points, may they be related to collection, reconciliation, disbursement, just to name a few,” said UnionBank Business Banking Head Jaypee Soliman.
At the “Powered UP” campaign launch, best practice tips meant to aid entrepreneurs on their entrepreneurial journeys were shared with the attendees while highlighting the features of the new solution. In 2022, UnionBank launched the “Power to Grow” #WalangMaliitNaBusiness campaign, and “Powered UP” is the next level of the Bank’s continuing MSME story of accelerating growth through technological and financial enablement and inclusion.
UB Negosyante has an improved mobile app. It has a fully-featured mobile application that allows SMEs to transfer funds, pay bills, collect payments, and deposit checks on the go. It comes with BizStarter, a basic checking account that requires a low opening and maintaining balance of just P5,000.
There’s also QRPH/UPAY for MSMEs, an all-in-one payment acceptance hub that allows merchants to collect payments easily via QR or link. In return, customers can pay through various channels such as banks, E-wallets, over the counter, and more.
Through the new app, customers can also apply for loans with a multi-purpose credit line up to P10 million; an MD line which is a credit line up to P10 million, available to medical practitioners; and the Dealer Financing Line, a non-secured credit line that enables buyers from supply chain companies to pay their dues efficiently through a digital platform, among many others.
The UB Negosyante suite of solutions includes UnionBank GlobalLinker, an online platform where SMEs can set up a free online store to boost their online marketing, make the right SME business connections, access exclusive SME benefits on essential business services, and learn from other SMEs and experts.
These solutions are in line with UnionBank’s advocacy of helping MSMEs in the digital economy, and is also one of the many ways the Bank is contributing to nation-building by helping Filipino entrepreneurs digitize their business as part of its Tech-Up Pilipinas advocacy.
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