Philippines’ Union Bank Opens Fintech HQ in Singapore
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Union Bank’s fintech subsidiary UBX is expanding its operations in Singapore as it eyes growth in Asia.
UBX, the financial technology venture studio and fund of Union Bank, hopes its Singapore headquarters will be a bridge for startups to enter the Philippine market, according to an announcement on Tuesday.
Operations will be led by Singapore country head Cryus Cruz, who joined UBX five months ago after over three years at Tokio Marine Insurance Group, where he was regional manager of digital strategy and its innovation lab. He also brings experience from stints at Chubb, Axa, AIG and J.P. Morgan.
UBX cited the wealth of start-ups and deep fintech talent pool as among the reasons why it is launching in the city-state. It also noted the rapid rise of fintech in financial transactions, and the «significant growth» UBX ventures are experiencing, fueled by the coronavirus pandemic.
UBX has strategically set up an office here to contribute to, and benefit from the established ecosystem. This will not only expand our network, it’ll also help us learn from different companies in the country, Cruz said.
UBX previously partnered with the Monetary Authority of Singapore in its Business Sans Borders (BSB) project.
Questions & Answers
Q.What is the main purpose of UBX's new Singapore headquarters?
What is the main purpose of UBX's new Singapore headquarters?
The Singapore headquarters is intended to help startups access the Philippine market and facilitate UBX's expansion into Asia. It aims to connect and learn from other companies within the established ecosystem.
Q.Who is leading UBX's operations in Singapore?
Who is leading UBX's operations in Singapore?
Cryus Cruz is leading UBX's operations as the Singapore country head. He joined UBX five months ago and has prior experience from Tokio Marine Insurance Group, Chubb, Axa, AIG, and J.P. Morgan.
Q.Why did UBX choose Singapore for its new headquarters?
Why did UBX choose Singapore for its new headquarters?
UBX chose Singapore due to its abundant startups and deep fintech talent pool. The company also noted the rapid growth of fintech in financial transactions and its own ventures, partly driven by the pandemic.
Q.Has UBX had any prior involvement with Singaporean financial authorities?
Has UBX had any prior involvement with Singaporean financial authorities?
Yes, UBX previously collaborated with the Monetary Authority of Singapore on its Business Sans Borders (BSB) project. This indicates an existing relationship with the city-state's financial sector.