UBX, a UnionBank of the Philippines’ spin off that offers an open finance platform, has partnered with Netbank, a Philippines-based neobank that offers Banking-as-a-Service solutions, in a push for open and embedded finance.
Through this partnership, Netbank is able to provide a range of payment and account services through UBX’s open finance platform.
Currently, Netbank is already able to underwrite credit to sellers on e-commerce platforms by leveraging UBX’s platform.
Netbank, by working with UBX’s lending platform SeekCap, gets access to detailed sales and performance data of sellers, which powers the provisioning of unsecured working capital loans.
With a range of virtual account and payment tools, Netbank and UBX can ensure these loans are “self-liquidating” to further reduce credit risk.
John Januszczak
“MSMEs have historically been underserved by traditional lenders. These sellers require access to working capital at reasonable rates to expand their sales,”
said John Januszczak, President and CEO at UBX in a LinkedIn post.
