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Ping An Insurance’s financial technology unit OneConnect announced its partnership with UBX, the fintech subsidiary of Philippine’s UnionBank, to use blockchain to offer financial services to micro, small, and medium enterprises (MSMEs).
Tapping each other’s expertise, OneConnect on its technology solutions and UnionBank on its deep market knowledge and domain expertise in cater to MSMEs, the new collaboration aims to boost the digital transformation of the financial service sector of the Philippines, in a bid to offer a better service for the unbanked and underbanked.
“As the fintech arm of the nation’s leading innovative bank, we are continually seeking new ways to better serve our customers in disruptive ways that also solve real problems,” John Januszczak, UBX President and CEO said, noting that 77% of the Philippine population is unbanked.
As per a press release, the end-to-end financing platform will aim to meet a wide range of business finance needs, including multi-channel loan applications, credit assessment, loan disbursement, and anti-fraud checking.
Other than blockchain technology, OneConnect also has technologies for facial recognition and micro-expression interview as well as big data and artificial intelligence. MSMEs can use these advanced capabilities to connect with more lenders.
In addition, the blockchain-enabled digital platform will ensure critical information such as order and logistics data are encrypted while allowing relevant functions such as paperless contracts, contract judgment, compliance verification, and financing risk assessment. E-payment undertakings (EPUs) can also be transferred, divided, and discounted while being recorded on the blockchain to ensure they are free from tampering and can be easily tracked.
“We believe there is huge economic potential in the MSME sector and we have confidence in how our technology can help enterprising businesses leapfrog into better ways of doing business,” Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology.
The platform is slated to be operational by the end of this year and will be rolled out to a larger MSME community next year.
Just recently, U.S.-based Monsoon Blockchain Storage has also inked separate deals with the Philippine’s Department of Information and Communication Technology and Department of Trade and Industry to promote the use of blockchain technology in the country.
