THE Union Bank of the Philippines (UnionBank) announced recently of being the first partner in the Philippines to join the financial technology (fintech) fast track program of Visa Inc. as a Banking Identification Number (BIN) sponsor.
“This means that UnionBank can work with fintechs to help them gain access to the same global payment technology, expertise and revenue opportunities as they would if they were a direct card issuer with Visa,” the bank said in a statement. “Partnering with UnionBank also provides fintech firms the solutions and expertise they need to launch their programs with speed and efficiency.”
“We are focused on engaging and building strategic partnerships with fintechs through our existing programs,” said Dan Wolbert, Visa Country Manager for the Philippines, was quoted in a statement as saying.
Wolbert said Visa would collaborate with UnionBank to identify fintech firms that can create relevant payment programs to reach out to the underserved segments and leverage on the untapped opportunities for digital payments in the country.
“This will enable us to create relevant payment solutions to enable the movement of funds seamlessly and securely and engage the vibrant fintech community in the Philippines.”
According to Unionbank Fintech Business Group Head Ana A. Delgado, that fintechs in the Philippines can leverage on UnionBank’s product to provide Visa cards to their base and make use of an application (app) programming interface to integrate this with their platforms and apps.
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