Manila, Philippines – Tokyo-based financial services firm SBI Holdings has announced its latest acquisition of a minority stake in UBX, a Philippine-based open finance platform. This move enables both companies to work closely in developing more impactful digital transformation solutions tailored for the needs of enterprises.
Under the alliance, UBX will use the new funding to further expand its reach and develop advanced financial and digital transformation solutions aimed at increasing the demand for digital services in the Philippines.
Furthermore, it also intends to harness a robust exchange of knowledge and expertise, augmenting UBX’s position as a digital transformation leader while also unlocking more business opportunities for SBI Holdings to explore more business in the Philippine market.
Yoshitaka Kitao, president at SBI Holdings, said, “We see immense potential in the Philippine market, one of the fastest-growing economies in the region. Our investment in UBX reflects our belief and confidence in UnionBank’s innovative approach to digital transformation.”.
John Januszczak, president and CEO at UBX, also remarked, “The investment of SBI Holdings in UBX will allow us to combine our local expertise and digital transformation capabilities with SBI’s vast experience in digital finance to develop more impactful and scalable solutions for the Philippine market.”Meanwhile, Mario Domingo, global chief technology officer at UBX, then commented, “The SBI partnership will drive new and exciting financial technology innovation for inclusivity and nation-building.”
