The Union Bank of the Philippines has digitally transformed and strengthened its Supply Chain Finance (SCF) solution platform to mitigate the losses endured by micro, small and medium enterprises (MSMEs).
The solution also aims to simplify operations and financial management across MSMEs supply chain ecosystems.
As the COVID-19 pandemic challenged business processes, most MSMEs had to keep up by improving their supply chain system to stay competitive amidst the uncertainties of the pandemic.
“This platform contributes effectively to sales for cash management, deposits, SME loans, and business banking enrollment.
With SCF, the bank is introduced to an effective wholesale lending strategy packaged with a retail account and online app banking enrollment.”
said Mon Duarte, EVP and Head of Transaction Banking and Platform Development for UnionBank.
Duarte added that this enhancement enabled its clients to process invoices in minutes compared to manual processes that take up to months.
“Now that the economy is opening up again, they need to quickly meet their operational needs while ensuring that their digital pivot remains fully optimised.”
