Banking Archives - Page 7 of 11

The number of unbanked Britons currently stands at around 1.2 million. Banks in the United Kingdom play an essential role in bridging the individual and business-related financial needs. These financial institutions provide access to lending and borrowing facilities on top of offering safe volts for savers.

As a client, choosing a bank that serves your needs is never easy. It would help if you considered a wide range of factors before settling for specific banking services. A reliable banking services provider should be able to guarantee you security, convenience, and cost-effectiveness.

Are you in the process of selecting a banking services provider? Vetting such potential financial institutions is vital. These eight questions can help you probe such prospective banking service providers before entrusting them with your financial needs.

1. How Much Are the Bank Charges?

Let’s face it; cost is the main deal-breaker when choosing a banking services provider. You might need a clear summary of the banking charges before selecting the right bank for you. Consider the summary of all the costs, terms, and conditions stipulated by the institutions before making a decision.

You might need to ask the potential service provider about any extra charges attached to their bank cards. This question will also help you figure out other management fees that apply. Some banks charge a fee for keeping your current and saving accounts.

It’s important to consider all these charges before making a decision. These standard banking fees should help you determine whether the potential banker is convenient for you.

2. What Are the Digital Services Available?

Every sector of the economy has since gone digital. The banking sector is not an exception.

Most banking services providers now offer online services. However, there’re disparities on the different platforms and the range of services each bank offers. A reliable banking services provider should provide online services that help you save time and money.

Online banking services should also be available at all times and on any device. Today, over 2.5 billion people globally have access to smartphone devices. As such, a suitable banking services provider should offer online banking services and mobile banking options.

Digital banking plays a vital role in bridging the gap among unbanked citizens. The Union Bank of the Philippines has been at the forefront in providing digital banking services to these unbanked populations.

3. What Are Your Account Requirements?

Before you settle for a banking services provider, it would help to consider the dynamics related to account opening. You don’t want to end up selecting a specific bank only to learn about unfavourable account opening requirements later.

What are your potential bank’s minimum requirements when opening an account? You might need to consider the minimum balance you need when opening an account. Further, it would help to consider the minimum balance that your account must have to remain active.

Be sure that the underlying account requirements are stipulations you can easily manage. This will limit the risk of surprises in the future.

4. Do You Allow for Overdraft?

Sometimes your account balance depletes below the withdrawable minimum. When this happens, most customers result in overdrafts. It’s important to understand beforehand if your bank allows overdraft transactions.

You would also want to be sure that the bank charges manageable charges when you overdraft. It would also help to gather information on whether your bank allows for overdraft protection. This is where you have the option of covering an overdraft with money from a different account.

5. Do You Have a Branch Near Me?

Online or digital banking introduces remarkable ease and convenience when accessing financial services. Some particular needs or queries may require a physical meeting with a representative or the bank manager. It’s comforting to know that you have your money in a bank where you can walk in and out at your convenience.

You might need to consider an institution that’s closer to your work or home. It’s safer to spend your time researching on banks that are closer to you on top of fitting your criteria. A bank that’s close enough makes the process of filing and receiving feedback on complaints easier.

6. What Other Services Do You Offer?

Not all banks are the same. Financial institutions offer different banking services that suit varying customer needs. Talking to bankers can help you unpick the unique services on offer.

Apart from lending and borrowing, banks also offer a wide range of differentiated services. It would help to consider these unique services when considering a bank. For instance, banks that provide both regular banking and Islamic banking show a unique sense of inclusivity.

It would be best if you also considered a bank with unique facilities such as investment and wealth management. Partnering with the Union Bank of Philippians ensures that you have access to private, wealth, and investment management.

7. Are There Withdrawal and Transfer Limits?

You don’t want to end up working with a bank that limits you. Part of the need to have a convenient banking service is to expand your freedom when making transactions. It would be objectionable to rack up interest on your hard-earned money, yet have limits when it comes to withdrawal.

If you intend to save up considerable amounts of money in your account, this question is essential. Ultimately, how much you can withdraw should interest you. You don’t want to end up having to borrow money elsewhere while there’s money in your account due to limits.

8. Do You Have Testimonials?

There’s nothing more important than a reputation when dealing with a banking services provider. This is why references and reviews should be at the centre of this vetting process. Can your potential bank present a list of testimonials for exemplary services?

Positive reviews play an essential role in determining a bank’s reputation. Consider testimonials as one of the determining factors when dealing with a banking services provider.

Vetting Your Prospective Banking Services Provider Is Non-Negotiable

Finding a secure and convenient way to bank your hard-earned money is vital. You don’t want to end up feeling frustrated when trying to access banking services. Convenience, affordability, and accessibility should be at the centre of your selection process.

Are you looking for a reliable banking services provider? These eight top questions can help you get a secure banking facility as soon as possible. At Union Bank of the Philippians, our impeccable services and products are the perfect answer to these questions.

Have you been looking for a bank that encompasses convenience and safety under one roof? Visit our page for more resources.

Banking

Union Bank of the Philippines’ Private Banking bags 2 international awards for NextGen Academy

ByCFI.co Blogger

Union Bank of the Philippines (UnionBank)’s Private Banking recently won two international awards – the Best NextGen Offering from The Digital Banker’s Global Private Banking Innovation Awards 2020, and Best for Wealth Transfer/Succession Planning from Asiamoney Private Banking Awards 2020, for its pioneering program Next Generation (NextGen) Academy.

The Digital Banker awards ceremony, meant to honor the world’s best-in-class private banks that demonstrate unrivalled drive and innovation to meet the sophisticated need of their high net worth clients – lauded the NextGen Academy that seeks to empower and set the entrepreneurial foundation for next-generation family business leaders.

Meanwhile, Asiamoney, in a statement, recognized UnionBank’s “digital-first approach” that is “already likely to appeal to younger clients, who demand instant access to their banking services through mobile apps rather than visits to branches.”

Asiamoney commended the NextGen Academy for being a sensible way to break into the wealth transfer business by putting emphasis on the next generation of clients and ensuring that UnionBank will be among the next generation of private banks of choice.

While still relatively new to the wealth and asset management landscape in the Philippines, UnionBank Private Banking understands the importance of pairing global expertise and networks with local experience and relationships, thus establishing an academy for the Next Generation – the first-of-its-kind in the local private banking landscape.

“We want to be a part of our client’s wealth management journey, to grow, to keep and to pass on their wealth to their successors. This award is an affirmation of UnionBank Private Banking’s commitment to unlock possibilities and empower our clients to navigate their wealth towards financial legacy,” said Atty. Arlene Agustin, UnionBank’s Private Banking head.

Starting as a standalone conference in 2016, the Next Generation Academy has evolved into a program of multiple relevant modules, spanning several months of classroom sessions and workshops.

What differentiates the program is that it mirrors the structure of an academy, wherein the so-called NextGen would enroll, attend, and actively participate in all the prescribed modules.

Each classroom session is carefully curated to focus on a certain aspect of wealth management and succession, allowing the participants to be fully immersed in the discussion.

The NextGen Academy is an excellent avenue for participants to gain valuable insights and training from subject matter experts to help prepare them not only for their roles in the family business, but also for the reins of their families’ legacies to be handed over to them.

The academy also allows the NextGen participants to further network and develop invaluable close ties with regional peers from Thailand, Indonesia, Taiwan, Singapore, Hong Kong, Japan, and China, among others, through a premier platform called the Masters Series that is organized by UnionBank Private Banking’s strategic ally, leading global wealth and asset manager Lombard Odier.

Banking

What Happens When You Declare Bankruptcy in the Philippines?

ByCFI.co

After East Asia’s financial crisis in the 1990s, middle-income countries including the Philippines made up 80% of the total East Asian bankruptcies filed.

Do you know what happens when you declare bankruptcy in the Philippines? We’re coming up on another financial crisis, so now is the best time yet to learn your legal rights. That’s why we created this guide.

Are you considering filing bankruptcy in the Philippines and want to know what to expect? Then you’ve got to keep reading because this article is for you.

What Exactly is Bankruptcy?

Bankruptcy is a legal process that takes place after an individual or company has defaulted on a debt.

Filing bankruptcy allows individuals options to either repay or offer collateral to erase their debts. At the same time, bankruptcies allow the bank or other lending institution to remove bad debt from their ledgers.

When the bankruptcy filer can’t repay debts, they typically end up divesting an asset. An asset is anything a company or individual owns outright. For example, buildings, homes, cars, etc.

The Philippines Bankruptcy Law: The Financial Rehabilitation and Insolvency Act

The Financial Rehabilitation and Insolvency Act (FRIA) legally allows the declaration of bankruptcy in the Philippines. Individuals can file for personal bankruptcy. Companies will file for business bankruptcy.

In the Philippines, there are three ways to file bankruptcy legally. We’re going in-depth with each method next, so check it out.

Suspended Payment

In some cases, an individual or business filing for bankruptcy can repay the debt over time. A Philippines court will restructure the debt payments to allow for a longer period of repayment.

Suspended payment bankruptcies are allowed when:

The debtor has the collateral to cover the debt but can’t meet payments by their due date
The debtor presents a restructuring payment plan that is both possible and agreeable to the lending party
Creditors or lenders who hold 60% of more of the debt liability get together and agree on the debtor’s proposed repayment plan

Once the lender agrees to the debtor’s restructuring strategy, the debtor can proceed with the suspended payment bankruptcy agreement.

Voluntary Insolvency

With voluntary insolvency, an individual or business defaults on a debt. Unlike suspended payment bankruptcies, voluntary insolvencies allow debtors to voluntarily give up assets to repay debts.

To file for this type of bankruptcy, the individual or company must have assets that sufficiently balance out the debts owed. However, these debts must be in excess of P500,000.

Individuals or businesses filing for voluntary insolvency are responsible for petitioning the court. The court will then determine whether the collateral offered is equal to the debts owed.

Within five days of approving the petition, the court will issue a liquidation order. Liquidation orders allow the original lenders to claim the proposed collateral to settle the debt.

Involuntary Insolvency

Involuntary insolvency is different from both suspended payment and voluntary insolvency bankruptcies in the Philippines. Why? Because Philippine creditors and lenders, not debtors, initiate involuntary insolvency.

Under FRIA in the Philippines, lenders with claims of P500,000 or more can file a petition with the courts. The court should be that of the city or province where the debtor lives.

This petition will outline that, upon default of the debt, the creditors will seek liquidation. If the debtor does default, the court can order the lender to seize the individual or businesses’ assets.

Civil Small Claims

In some cases, a lender can file a civil small claims case instead of choosing involuntary insolvency. This can only happen for debts of less than P400,000. The proceedings of a small claim case tend to be cheaper and quicker, which is why many creditors are more likely to use it.

The bad news? Individuals and businesses can’t actually have legal representation in small claims cases. If creditors win, debtors can’t appeal the ultimate decision either.

What Happens When You Declare Bankruptcy?

Bankruptcy is an extremely helpful tool for individuals and companies that can’t pay back debts they owe. Yet, bankruptcy isn’t without some serious consequences. Here’s what to expect after filing bankruptcy.

Your Credit Score Will Drop

After filing for bankruptcy, it will stay on your credit report. The bankruptcy will also lower your credit score. This will make it difficult to open lines of credit or apply for a mortgage in the future.

You Could Lose Your Stuff

If you go through voluntary or involuntary insolvency, you’re going to lose your assets. Debtors can choose which assets they’d prefer to divest in voluntary liquidation. Yet, if your lender files for involuntary insolvency, you’ll have no control over which assets they take from you.

You May Lose All Your Credit

Many credit card companies will immediately terminate your lines of credit after a bankruptcy. This is especially true if your credit card company is the same bank filing bankruptcy against you.

You Could Have Trouble Getting a Loan

We’ve already mentioned that a lower credit score means more problems getting a mortgage. This is also true for loans in general. Not only that, lenders see bankruptcies as a huge red flag, meaning you may have to pay ridiculously high interest rates for loans.

You May Not Get a Tax Refund

If you qualify for a tax refund in the same year you filed bankruptcy, you may not receive it.

You Could Face Difficulties Finding Housing and Jobs

Many employers and building owners pre-screen potential candidates for bankruptcy. Some employers won’t hire you if you’ve recently filed for bankruptcy. Worse, recent bankruptcy can affect your desirability as a tenant.

More Financial Advice from Capital Finance International

Now that you know what happens when you declare bankruptcy in the Philippines, you should feel confident knowing your rights when you can’t repay a debt.

Are you looking for more financial advice during these trying times? Then don’t forget to subscribe to our finance blog for new updates every week.

Banking

Union Bank of the Philippines Bridges the Gap for Unbanked Filipinos through Cash-out via 11,000 Remittance Outlets Nationwide

ByCFI.co Blogger

Union Bank of the Philippines (UnionBank) recently rolled out more cash-out options for customers via 11,000 remittance counters across the Philippines, including in rural areas where most of the unbanked and underserved population are located.

This makes UnionBank the first Philippine bank to launch the largest cash-out network in the country – a crucial step seen to significantly improve access to financial services for communities amidst the current pandemic.

Recognizing that sending funds to families and relatives living in provinces has been challenging, especially in far-flung areas where ATMs and bank branches are scarce or unavailable, UnionBank identified that the best course of action to address this concern was to enable customers to send money from home via its app to remittance counters in underserved areas.

The Bank leveraged existing partnerships with top Philippine fintechs such as Dragonpay and Coins.ph, as well as remittance centers Cebuana Lhuillier, LBC, PeraHub and Palawan Express. Integrating the service on UnionBank’s app was made possible in a short amount of time through Application Programming Interfaces (APIs) exposed on the Bank’s API Developer Portal/ Marketplace. This also enabled rural banks, who are currently on the UnionBank’s i2i network, to connect to the payout counters, allowing their account holders to send or withdraw funds from these non-traditional outlets.

In just a couple of weeks, UnionBank secured approval from the Central Bank of the Philippines, to perform a live pilot remittance and roll out the feature in the UnionBank Online app.

“With the onset of this pandemic, it has become crucial that our products and services quickly adapt to the challenges presented in this new digital normal,” said Edwin Bautista, UnionBank President and Chief Executive Officer. “This cash-out service is just one way for UnionBank to demonstrate its commitment to financial inclusion as we continue venturing forth in tech-ing up the Philippines.”

Upon the launch of this service, UnionBank noted an immediate high uptake by its customers. At the end of April 2020, with all major remittance centers available through the service, transactions have more than doubled. The Bank also recorded a 20% increase in daily digital account opening as a result of this feature.

“Through collaboration with various UnionBank teams and our fintech partners, we have demonstrated that the spirit of community is very much alive as we address the needs of our countrymen,” said Arvie de Vera, UnionBank Senior Vice President and Fintech Group Head. “This is a testament that we can use technology and digital services to ensure that no one gets left behind, especially as we weather through this ongoing crisis.”

Banking

Pent-up desire for holidays drives spike in demand for multi-currency cards

ByCFI.co Blogger

There has been a “sudden surge” in the demand for multi-currency cards as holidays and overseas trips are planned and as the pound remains weak, reveals the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The observation from Nigel Green, chief executive and founder of deVere Group, which in 2017 launched the pioneering global e-money app and multi-currency card, deVere Vault, comes as international borders are gradually re-opened around the world following the pandemic and ahead of the busiest time for holiday travel.

Mr Green comments: “There’s been a sudden surge in the last week from clients looking to use our e-money app and multi-currency payment card.

“This spike, we believe, is due to a steady relaxation of travel restrictions releasing a pent-up desire to escape lockdown, take a summer holiday, and/or see friends and relatives overseas as the world gradually gets back on its feet after a highly unusual few months.”

He continues: “But the fragile global economy together with the weakness of the pound, which is making almost every destination in the world more expensive for Brits, are making people even more pro-active in searching low-cost exchange rates and low-cost banking.

“The pound continues to be one of the worst-performing currencies in the world as we head into peak summer holiday season – and it could get further battered should the current Brexit negotiations fail.

“Against this backdrop, it is sensible that people are seeing the value in managing, spending and receiving money anywhere in the world without hassle and excessive exchange rates by using deVere Vault.”

Launched shortly after the Brexit referendum caused a significant drop in the value of the pound, deVere Vault is a trailblazing app and its Prepaid Mastercard®️ allows clients to spend, receive, store and transfer money in up to 27 different currencies.

Added to holidaymakers’ exchange rate concerns are excessive bank charges.

Mr Green says: “When you use your debit or credit card abroad in anything other than your destination’s local currency, you could be paying excessive exchange fees.

“Typically, an extra 6% is added on top, but these fees can be up to 10%. All too often the customer is completely unaware of these costs.

“This is simply not on. In an increasingly globalised world, people have the right to expect hassle-free, borderless access to and use of their money, without over-the-top charges.

“deVere Vault addresses these issues.”

It automatically pays in Sterling in the UK, U.S. Dollars in the States, Euros in the eurozone, and Swiss Francs in Switzerland, for example.

The multi-currency account also allows you to withdraw and spend money anywhere in the world where Mastercard is accepted.

The deVere CEO concludes: “The world is beginning to re-open, but, more than ever, those planning trips abroad don’t want to get caught out. They need and want to protect their holiday cash from excessive exchange rate and banking fees.”

Banking

Cryptocurrency 101: Learn the Basics

ByCFI.co

Unless you’ve been living under a rock, you’ve heard of cryptocurrency. Cryptocurrency is a virtual currency that could replace our cash system one day.

Virtual currencies like Bitcoin are working to cut out the middle man in our banking transactions. Read this article to learn cryptocurrency 101 and whether you should invest or pass.

Cryptocurrency 101

Cryptocurrency is a virtual or digital currency. It is secured by cryptography. Cryptography is a method of encoding and decoding data. Essentially cryptography puts the “crypt” in cryptocurrency. Cryptography makes it almost impossible to counterfeit money.

Cryptocurrencies (yes there are more than one) use blockchain technology. It works by dispersing a ledger among a network of computers. These computers all work to keep up with it.

Understanding Cryptocurrency: How it Works

With cryptocurrencies, there isn’t a central authority. They are not issued by a government or a bank. In theory, this makes cryptocurrencies free from government interference or manipulation.

Payments are made online using “tokens”. The ledger keeps track of all the entries and how much currency everyone has. Verifying transactions is usually the role of the banks but cryptocurrency relies on the peer-to-peer system.

This system allows for your transactions to be secure. It reduces the risk of fraud and allows your transactions to be more transparent.

Popular Cryptocurrencies

Bitcoin was the first blockchain-based cryptocurrency. It was started in 2009 by an individual known as Satoshi Nakamoto. Today it remains the most popular and valuable.

Since Bitcoin started there are now thousands of different cryptocurrencies people can use. Each cryptocurrency has its function in the market. Some of these cryptocurrencies copied Bitcoin and others were built from scratch.

At the time of this article, USD 27.5 billion BTC has been traded in the past 24 hours. A single token or BTC of Bitcoin is worth USD 9,435.04.

Other popular cryptocurrencies include Litecoin, Ethereum, Namecoin, Cardano, and EOS. If we calculator the total value of cryptocurrencies all together that number would be around USD 251.8 billion. To put that into perspective that is about 0.7% of the world’s money.

Is Cryptocurrency Safe?

Cryptocurrency experts would remind you that Investing is always a risky business. However, Some traditional experts say investing in cryptocurrencies, like Bitcoin, is even more of a risk.

The world has been caught up in “crypto-mania” as people began buying and selling cryptocurrency like stocks. We’ve all heard the stories of people who became millionaires overnight thanks to Bitcoin business opportunities.

We’re not going to suggest investments. That should be left to you and your portfolio manager. However, we will say you shouldn’t invest in something you don’t fully understand. This advice goes for any investment.

Pros of Cryptocurrency

There are a lot of pros of cryptocurrencies. Cryptocurrencies make it much easier for two parties to exchange funds. No longer do you need a bank or credit card company to serve as a middle man.

The transfers are secure. There is very little risk of counterfeiting or double-spending. They are also completed with very minimal transfer fees. The fee is much lower than the charge for a wire transfer from a bank.

With more customers choosing to make payments from their mobile phone, tablet, or Apple Watch, cryptocurrency is a cheaper and more efficient system for payment.

Cryptocurrencies have the potential to create a borderless, global economy. That’s a win for everyone (well, maybe except banks). It can help fight financial inequality by taking out the bank and credit card middlemen and bring financial services directly to the people.

Cons of Cryptocurrency

Cryptocurrency sounds great but there are a few drawbacks to blockchain the technology it is based on. For one, blockchain isn’t as scalable as centralized banking systems. If you’ve ever made a bitcoin transaction then you noticed it took some time to complete.

Remember the ledger we talked about? The blockchain network of computers is kinda slow to make changes to the ledger. And if you think it is slow now just think about how slow it would be if more people started using bitcoin!

Another common issue is that you can lose your cryptocurrency hack. When you purchase cryptocurrency most people store it in their wallet. Wallets are located on the exchange.

Billions of dollars of Bitcoin and other cryptocurrencies have been lost on the exchange from hackers.

A smarter place to store your cryptocurrency would be on your smartphone’s cryptocurrency wallet because generally speaking, smartphones are not hacked.

But even if you use a wallet on your smartphone it is still possible to lose your cryptocurrency. You could misplace or forget your “key” or password for the account. There is no forgot my password link to click with cryptocurrencies.

Your phone’s OS, operating system, could also become corrupt. This could delete your wallet from your phone. Bye-bye cryptocurrency. There is hardware now available for people to back up and secure their wallets.

Trading Cryptocurrency

If you are trading cryptocurrencies, there will be fees involved. These fees are still a fraction of a per cent of the total transaction amount depending on the cryptocurrency exchange you use. You can also avoid some fees by using your wallet.

The fees involved will vary depending on the total number of people who are buying and selling your particular cryptocurrency.

In general, the more people the higher the fee. In the beginning, when most people had never heard of trading Bitcoin the transaction fee was around 6 cents. Today that fee is much more and it is always changing.

Consult With Your Financial Advisor

We hope you enjoyed reading cryptocurrency 101. Many positive benefits could come from a virtual currency like Bitcoin or others. There are also many other positive benefits blockchain technology has in healthcare or voting systems that are also being explored.

Be sure to subscribe to our print magazine and follow us for more content on technology, business, investing, and finance.

Digital Banking

5 Benefits of Acquiring Payday Loans Online

ByCFI.co Blogger

It is well-known that online payday loans are an excellent option to cope with unannounced financial problems. If you have found yourself in a challenging situation like medical emergency, late utility bills, and mortgage repayments, you can acquire a payday loan. It can be advantageous for you in more than one way.

Fast Processing

If you are looking for bad credit loans monthly payments, you should definitely consider obtaining payday loans because they process very fast. Unlike traditional loans, you don’t have to go through lengthy processes. If you apply for a payday loan with a good online lending company, your loan application will be approved within minutes. And you will be able to acquire cash on the same day. You wouldn’t have to wait for days or even weeks to meet your financial emergencies. You can feasibly apply for payday loans online under any unexpected financial situation.

Easily Qualification

You can conveniently qualify for payday loans online. You don’t have to face substantial documentation and lengthy processing periods like traditional loans. And there are low chances that your loan application will be rejected. Online lending companies have straightforward requirements if you happen to meet those, you are in a favorable position to acquire payday loans same day. You need to have a valid proof of monthly income, a bank account, and your driver’s license to qualify for loans easily. However, you should know that the amount of payday loans are totally dependent on your monthly income.

No Credit Check Process

Since payday loans are convenient, there is no such thing as a credit check process. You are only required to meet a few basic terms & conditions, and then you are good to qualify for a loan amount. You can surely apply for payday loans with no credit check. Individuals with even bad credit history or score can easily be eligible for payday loans as long as they are capable enough to give valid proof of their monthly incomes. When it comes to payday loans, you don’t have to worry about credit checks. It is noticed that only a few online lenders ask for a credit check when it comes to negotiating for a significant amount.

No Usage Limitations

You can use payday loans for anything. Generally, these loans have no limitations; it doesn’t matter what payday loans can be used for. When it comes to traditional bank loans, you are bound to use the amount for one or two things. For instance, if you are applying for a bridge loan, you will be able to use this just for purchasing or selling your property. However, with payday loans, you are not bound at all. You can acquire payday loans to meet your financial needs under any emergency. Your lender will have no issues as you can use the loan amount for whatever reasons.

Automatic Lending System

When it comes to payday loans online, you can expect an automatic lending and transferring system. After an online lending company has approved your loan application, it will directly transfer the amount to your bank account. And once your payday has arrived, the borrowed amount will be transferred back to your lender automatically with added interest. You wouldn’t need to do anything else on your end.

Banking

Union Bank of the Philippines among ‘Most Helpful Banks in Asia-Pacific’ during COVID-19

ByCFI.co Blogger

The only Phl bank in the Top 20

Union Bank of the Philippines (UnionBank) has been ranked as the second most helpful bank in Asia-Pacific during the coronavirus crisis – the only Philippine bank in the top 20 list.

UnionBank was next only to KakaoBank, South Korea’s largest digital-only bank, according to the BankQuality Consumer Survey on Retail Banks – an online survey conducted last April 1-30, 2020 and covering total 11,000 respondents, with 1,000 each coming from China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

The respondents, aged between 18 to 65 and who have at least one bank account each, chose the banks most beneficial to them amid the ongoing pandemic because of their contactless nature and digital services.

UnionBank was ranked higher than international banks such as HSBC, Citibank, DBS, CIMB, United Overseas Bank and OCBC, among others.

UnionBank president and CEO Edwin Bautista expressed gratitude for the public’s recognition of the bank’s quick, sincere and relentless efforts to help alleviate their plight in this difficult time.

“It warms our hearts to know that our customers recognize and value our heroic efforts during this crisis. The coronavirus pandemic has brought the world an unprecedented disruption, but with each of us doing our share, we will weather this challenge – no matter how massive it can be,” Bautista said.

Since the start of the quarantine period, UnionBank boosted its mobile and web banking platforms for retail and corporate customers namely UnionBank Online and The Portal, respectively, to enable clients to safely do their banking transactions from home.

UnionBank was also among the first banks to waive its online fund transfer fees, and deployed its Bank On Wheels to bring its bank branches at the doorstep of its customers.

“I would like to also thank our very hardworking and selfless UnionBankers – frontliners all – who have been doing their utmost during this pandemic to deliver safe, consistent and full service digital banking to our customers, for this accolade,” Bautista added.

The bank’s fintech arm UBX, has facilitated the release of cash subsidies through the deployment of mobile automated teller machines (ATMs) to its rural bank partners and financial cooperatives where beneficiaries of the government’s Social Amelioration Program can withdraw their money quickly.

UBX has also begun linking its rural bank members to its new network that includes Cebuana Lhuillier, LBC, Palawan Express and PeraHub. This enables customers of these rural banks to send funds and payments to over 11,000 branches of the four remittance centers nationwide.

Banking

Union Bank of the Philippines appoints world-leading Data Scientist to further advance digital capabilities

ByCFI.co Blogger

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, Union Bank of the Philippines (UnionBank) recently appointed global data science expert Dr. David Hardoon Ph. D., as the Bank’s Senior Advisor for Data and Artificial Intelligence (D & AI), reporting to President and CEO Edwin R. Bautista.

Senior Advisor for Data and Artificial Intelligence (D & AI): Dr. David Hardoon Ph. D.

The announcement was made as the Bank continues to see a surge in digital transactions among customers as a result of evolving consumer behavior amplified by the current enhanced community quarantine. These transactions mean an increased volume of data running through the Bank’s systems which data science and AI can unlock to allow the Bank to serve its customers better.

“Leveraging Data and AI is a key driver to our next-level of digital transformation as we continue to put the customer – both individuals and businesses – at the heart of our business,” said UnionBank President and CEO Edwin Bautista in a statement.

Dr. Hardoon replaces John Januszczak, who is now focused in his role as president and CEO of UBX, UnionBank’s fintech subsidiary.

Dr. Hardoon is a graduate of Royal Halloway, the University of London with First-Class Honors B.Sc. in Computer Science and AI, and a holder of a PhD in Machine Learning from the University of Southampton School of Electronics and Computer Science United Kingdom.

Prior to his appointment at UnionBank, Dr. Hardoon was the Monetary Authority of Singapore’s (MAS, Singapore’s counterpart of the Bangko Sentral ng Pilipinas) first appointed Chief Data Officer and Head of the Data Analytics Group, and subsequently MAS’ Special Advisor on Artificial Intelligence. In these roles, he led the development of the AI strategy both for MAS and Singapore’s financial sector as well as efforts in promoting open cross-border data flow.

In addition, he led and established the ASEAN Advanced Analytics of Ernst & Young Advisory Singapore as Director of EY Data, IT Advisory Services, and co-founded Azendian Solutions Pte. Ltd., an information management and data science consultancy between 2013 and 2017. He was also Head of Analytics at SAS Institute Ltd. Singapore from 2010 to 2013.

As Senior Advisor for Data and AI, Dr. Hardoon will be working with various centers, groups, and units to reinforce data infrastructure and governance, behavior modelling, machine learning, and AI capabilities as well as applications in the Bank and its parent company Aboitiz Equity Ventures.

Aside from his role with the Bank, Dr. Hardoon is concurrently Senior Advisor for AI to Singapore’s Corrupt Investigation Practices Bureau, and Senior Advisor for Data Science to Singapore’s Central Provident Fund (CPF) Board.

Digital Banking

Global advisory giant to launch major digital finance operation in Dubai

ByCFI.co Blogger

One of the world’s largest independent financial advisory and services organisations is to develop a major digital finance operation from Dubai, confirms its CEO and founder.

deVere Group’s Nigel Green made the announcement on Wednesday as the world readjusts to a post-pandemic new normal.

Mr Green comments: “The world has changed forever in the last few months, the market has changed and client expectations have changed.

“Much of this is being driven by new technologies and the rapid pace of the digitialisation of our lives, including our financial lives.

“It was a trend that was happening pre-pandemic, but which has been massively accelerated because of it.

“Indeed, this new decade is being reshaped more rapidly and more dramatically than any other.

“To meet these fundamental shifts, we’re developing and building a major digital financial organisation from Dubai.”

There are, says Nigel Green, three main drivers why Dubai has been chosen for this by the organisation that does business in 100 countries worldwide.

“First, we already have had for more than 15 years a considerable footprint in Dubai and across the UAE, with many teams of highly talented individuals.

“Second, Dubai, which is already recognised as one of the most important financial centres in the world, can be expected to become one of the world’s top ten international financial hubs to rival and more aggressively compete with the likes of London, New York and Hong Kong.”

He adds: “Dubai is helped in this regard by having an independent regulator, an independent judicial system, a global financial exchange, a stable, pro-business government, a high proposition of high net worth individuals, a dynamic business community, world-class infrastructure, superior digital and telecommunications networks, English as its de-facto business language, and its enviable geographical location and time zone.

“And third is Dubai’s passion for and expertise in innovation. We’ve seen this in real-time as the emirate diversified from oil to become a truly global leader in trade, transportation, finance, tourism, retail and real estate.

“This is exemplified by Expo 2020 Dubai’s theme, ‘Connecting Minds, Creating the Future’; as well as Sultan Al Mansoori, the UAE Economy Minister, saying recently that the new economy will now be built around digital.”

The deVere CEO says that the Dubai-based digital financial organisation will consolidate and “significantly further develop and expand” the organisation’s pioneering global Contactless Finance service and its world-leading fintech apps, which allow people to access, use, save, invest and manage their money 24/7, on-the-go, anywhere in the world.

Nigel Green concludes: “Our new Dubai-based model is designed for the new world with, as always, the client experience, and expectations and outcomes front and centre of mind.”