Japanese financial services company group SBI Holdings has announced its investment in UBX Philippines, an open finance platform, acquiring a 16.67% stake in the firm.
Spun off from UnionBank of the Philippines in 2018, UBX specialises in services such as BaaS (Banking-as-a-Service) and e-wallet development.
The company has supported over 250,000 businesses through its lending and payment platforms, which form part of its open finance offerings.
UBX plans to use this investment to expand its operations and develop new financial and digital solutions to meet the rising demand for digital services in the Philippines.
Led by Yoshitaka Kitao at SBI Holdings and John F. Januszczak at UBX, both companies will explore opportunities for collaboration to meet the growing demand for digital financial solutions in the region.
Featured image credit: Edited from Freepik
