Union Bank together with CANVAS.PH hold 2-day webinar to help artists and collectors

Union Bank of the Philippines (UnionBank), together with the non-profit Center for Art, New Ventures and Sustainable Development (CANVAS.PH), recently held a two-part webinar series centered around digital art in the age of non-fungible tokens (NFTs), to help artists, buyers, and collectors of digital art gain a better understanding of how these tokens work and how they can take part in the NFT art economy.

NFT expert Migui Planas, a member of UnionBank's Digital Asset Markets Unit (DAMU), was the main speaker, sharing valuable bits of knowledge in NFT and his experiences as an NFT art enthusiast. During the panel discussion, he was joined by colleagues Jonathan Roque, Product Manager at the Bank’s Blockchain Center of Excellence (BCOE); Miguel Elbinias, Liquidity Trader at DAMU; and Cathy Casas, Head of Blockchain and API Business Group.

The conversation revolved around topics relevant to NFT artists -- the impact of NFT on the ownership and sale of digital art, how to mint a piece of artwork as an NFT, how to determine the value of their art, and the marketplaces where they can sell their art.

On day 2 of the webinar, the discussion focused on learnings shared by NFT art buyers and collectors -- how they can resell the NFT artwork that they own, how they can ensure a smooth transfer of ownership during purchase, and the various marketplaces where collectors can purchase NFT art.

Artists Jose Antonio Reyes and Ian Victoriano, among those who joined the well-attended webinars, expressed appreciation to the organizers for helping them gain a better understanding of NFTs and blockchain in general, and more importantly, for enabling them to better protect their ownership of their art while expanding their horizons when it comes to sharing them.

"It was very helpful for me as an artist. Learning about an avenue where I can focus on myself as an artist, while being exposed to a global market and seamless royalties is very meaningful. It's the future, and I'm grateful we're being taught how to adapt," Reyes said.

“The talks helped simplify NFT concepts for me. Made me want to explore the possibility of using NFTs to help advance artists’ rights,” Victoriano said.

While still considered highly volatile, the NFT art market has proven to be a very lucrative space, with some artworks selling for thousands and even millions of dollars. In the Hiscox Online Art Trade Report which was released in October last year, it was revealed that NFT art sales in 2021 for the said month reached $3.5 billion in value.

NFTs have forever changed the game for artists and collectors, and many now see them as a staple in digital art moving forward. Being the first Bank in the country to fully embrace NFTs, UnionBank believes that there are more potential use cases for them that are yet to be discovered, which is why the Bank sees the value of knowledge sharing to assist more Filipinos understand the said technology better.

Through forums like this, UnionBank and CANVAS.PH wish that more stakeholders will be encouraged to join similar discussions to educate more people about NFTs and take advantage of the opportunities available in this growing market. UnionBank also hopes to have more banks’ participation in the space to help facilitate smoother transactions, given the important role of cryptocurrency in the sale of NFT art.

"We're really happy to do this as this reinforces the Bank's 'Tech-Up Pilipinas' advocacy," said Casas. "We, at the Blockchain Center of Excellence, want to share our knowledge of blockchain technology, as the team is very much open to imparting what we know and also open to improving that learning by involving other industries in this discussion."

The webinar is just one of the initiatives of partners UnionBank and CANVAS.PH, to support artists and collectors navigate the emerging NFT art space, while boosting CANVAS.PH’s advocacy of promoting children's literacy, exploring national identity, and deepening public appreciation for Philippine art, culture, and the environment.

 

UnionBank GlobalLinker partners with Lazada

Union Bank of the Philippines (UnionBank), the country's leading digital bank for micro, small, and medium enterprises (MSMEs), has again teamed up with one of the major e-commerce platforms Lazada, enabling online sellers to have more options when it comes to bringing their products closer to customers.

With the memorandum of agreement (MOA) signed last 10 March 2022, UnionBank through its digital MSME online platform UnionBank GlobalLinker (UBGL), will create a special site for all Lazada sellers and the latter will do the same for UBGL sellers. All existing Lazada sellers prior to the partnership will be automatically included.

According to UBGL and Lazada, the joint initiative aims to encourage more sign ups in both of their respective marketplaces. It will help entrepreneurs expand their online presence much easier, as enlisting with either platform automatically opens up another virtual storefront for them, resulting to more opportunities in doing business with customers.

Signing up offers numerous benefits to sellers. First, they will have access to a dedicated Lazada Onboarding Team. This crew can provide guidance on a number of ideas ranging from selling to strategies; help those who have questions or concerns; and notify sellers about the latest initiatives within the Lazada platform.

In addition, sellers can utilize the following campaign features for free: Members Exclusive Campaign (Home Page Banner, Landing Page, and Lazada Live), New Seller Campaign Access, and Mega Campaign Access. The first 150 signups also enjoy service marketplace packages amounting to more than               PHP 1 million in support. These include Product Photography, Product Upload, and Store Builder Design, among others.

Lazada will likewise be promoting the UnionBank GlobalLinker platform to its own Lazada Seller Community, so that they too, can reap the benefits of the UBGL Platform.

“Right now, we are, without a doubt, in the golden age of e-commerce in the country. We want more enterprising Filipinos to thrive in this period of exponential growth for online shopping, which is why our enhanced partnership with Lazada is very timely,” said Jaypee Soliman, UnionBank Vice President and Head of SME and Micropreneurs Segment. “This is all part of our efforts to support the country’s MSME sector, bolster our “Tech-Up Pilipinas” advocacy, and promote inclusive prosperity for Filipinos.”

"With more MSMEs going online, the partnership with UnionBank is definitely a great step forward in enabling Filipino businesses to grow and scale their e-Commerce presence. As we go into our 10th year of empowering MSMEs to go digital, we share an equal mission with UnionBank to continue to uplift Filipino entrepreneurs and further fuel the local digital economy,” says Carlos Barrera, Lazada Philippines Chief Operating Officer. 

Lazada has been a reliable partner of UnionBank in backing the country's MSME sector and making online shopping easier for customers since 2020. During the peak of the health crisis, the two companies provided an emergency credit lifeline to Lazada sellers who were heavily affected by the pandemic. In August of the same year, they launched the 

UnionBank, CANVAS.PH team up to help artists and collectors

Union Bank of the Philippines (UnionBank) is leveraging its expertise in blockchain technology in a partnership with the non-profit organization Center for Art, New Ventures and Sustainable Development (CANVAS.PH) to help artists and collectors navigate the emerging non-fungible token (NFT) art space. 

The partnership was made official through a virtual signing event last February 17 between Cathy Casas, UnionBank's Head of Blockchain Center of Excellence (BCOE), Digital Assets Markets Unit and API Marketplace; and Gigo Alampay, Executive Director, CANVAS.PH. They were joined by former Department of Energy (DOE) Secretary Popo Lotilla, who introduced CANVAS.PH to UnionBank, and who has set his eyes recently on the transformative potential of blockchain technology especially here in the Philippines.

“Art has always been a powerful tool in creating positive change, and the advent of NFT technology potentially opens up more opportunities for artists to positively impact society through their work,” said Lotilla. “Together with the leading expertise of UnionBank in blockchain, we believe that this partnership will help CANVAS.PH uplift more lives through its advocacy.”

"Through this partnership, we want the public to know that UnionBank supports NFT art and intends to be involved in this emerging space. Primarily, the goal is to empower and educate artists and collectors to mint their own NFT. We also aim to draw attention to CANVAS.PH's advocacy and artworks so that they may also attract interested buyers and supporters. We are proud of our Filipino artists. Their pursuit of NFT as a new medium is a true example of innovation in action," said Henry Aguda, Senior Executive Vice President, Chief Technology and Operations Officer and Chief Transformation Officer, UnionBank.

"These are all part of the Bank's initiative towards exploring new use cases for blockchain technology, and is in line with our 'Tech-Up Pilipinas' advocacy and our mission to continuously enhance the Bank’s capabilities and equip our workforce to continuously serve the customers of today and of the future," Cathy Casas added. "We hope this event signifies one of many partnerships and ventures that the Bank will have in exploring NFT technology and the evolving metaverse economy."

Under the partnership, UnionBank, through its BCOE, and CANVAS.PH will jointly facilitate an educational program focused on NFTs for artists and collections. This program consists of a series of webinars and a sale and auction of Filipino NFT artworks curated by CANVAS.PH, the proceeds of which will be for the benefit of the latter’s mission to work "with the creative community to promote children's literacy, explore national identity, and deepen public appreciation for Philippine art, culture, and the environment.”

Founded in 2005, CANVAS collaborates with some of the country’s best artists and writers to publish and give away pictures and activity books for children. To date, the organization has provided more than 400,000 books to poor and disadvantaged communities and public schools all over the Philippines. Each year, it also mounts art exhibitions and public art events to encourage debate and discussion on socially relevant themes such as human rights, climate change, and internet safety for children.

To help minimize the environmental impact that will result from these efforts, specifically the use of the blockchain network Ethereum, UnionBank will augment its already existing tree-planting activities, including in Ibaan, Batangas at the site of CANVAS’ planned children’s museum of Philippine art, pledging to plant even more trees to offset the potential carbon footprint. 

The Bank hopes that all of the efforts under the partnership will empower stakeholders in the Philippine art space, enabling them to eventually navigate the NFT space on their own, while helping remove the stigma surrounding NFTs, cryptocurrencies, and other blockchain-based technologies.

 

UnionBank recently deployed its "Bank on Wheels" (BOW) mobile banking facility in Cebu

In a bid to aid the victims of Typhoon Odette in their journey toward recovery, Union Bank of the Philippines (UnionBank) recently deployed its "Bank on Wheels" (BOW) mobile banking facility in Cebu, to provide customers with easy access to much needed basic financial services.

BOW is UnionBank's 5G-capable banking kiosk in a van, designed to bring the Bank's trailblazing technology and innovation directly to its customers. It is a mobile version of its first-in-industry fully digital banking branch, The ARK, allowing customers to experience the features of the said branch potentially anywhere in the country.

Cebu residents were able to use the automatic teller machine (ATM) inside the kiosk that enabled them (UnionBank cardholders) to do balance inquiry, withdrawal, funds transfer, and bills payment transactions. Non-UnionBank cardholders were able make balance inquiry and withdraw cash.

With the cash recycler machine (CRM) also inside the kiosk, the Cebuano UnionBank customers were in addition to the transactions mentioned earlier, were able to do card-less withdrawal as well as cash deposit for both carded and card-less transactions. Non-UnionBank cardholders, on the other hand, were able to do balance inquiries and cash withdrawals.

Housed in an air-conditioned and internet-connected facility, both machines replicate the fully digital banking branch experience, ensuring security and ease during transactions. The BOW moved to various typhoon-affected areas to make its features accessible to as many banking customers as possible.

“In the wake of Typhoon Odette’s devastation, many banking customers in Cebu and other affected areas were left with little to no access to basic banking services. Committed to address this urgent concern, we deployed BOW while we worked on restoring the bank’s ATM network in these areas,” said UnionBank’s SEVP, CTOO and CTO Henry Aguda.

In the aftermath of the typhoon, UnionBank's ATM availability in disaster-stricken areas was cut to only 21 percent. But through the Bank's agility and superior digital banking capabilities, availability of its ATMs was up to 64 percent after just one day. As of writing, 97 percent of the Bank's ATMs in the said areas are now operational.

“UnionBank will go the extra mile to serve the needs of our customers especially in times like these,” said Henry Aguda. “We take our corporate social responsibility and business continuity very seriously, and customers can rest assured that their banking needs will be met even in the most difficult of situations.”

UnionBank attributes DX success, innovation in part to BSP's openness

Embracing digital transformation early on, Union Bank of the Philippines (UnionBank) continues to blaze the trail and excite customers with innovative solutions driven by technology and co-creation. Henry Aguda, Senior Executive Vice President, the Bank’s Chief Technology & Operations Officer and Chief Transformation Officer, cites how enabling and essential it is to have your regulator’s support.

"A lot of people claim that if you're in a heavily regulated industry, you won't be able to become agile. Worse, the regulators may stand in the way," Aguda articulated as a panelist during the recently concluded IBPAP International Innovation Summit. But he was quick to say, "Strangely enough, they're the ones encouraging us to innovate."

UnionBank attributes its success in digital transformation and innovation in part to the openness of the Bangko Sentral ng Pilipinas (BSP), which has been opening an environment that is conducive to thinking outside of the box. "I think regulation would normally be the blocker, but fortunately enough, the BSP has created a sandbox for experimentation, like UnionBank's API platform, and open finance experiments," Aguda said.

Another example is the BSP's push for digital payments. It was in late 2017 when the banking regulator launched the National Retail Payment System (NRPS), providing the framework for the modernization of retail payments in the country.

"Prior to the pandemic, the BSP already pushed for the NRPS. It was actually the BSP who was saying, 'hey, we should go to digital payments.' There was some resistance in the industry, but UnionBank signed up for it early. Now, BSP is looking into how to create a responsible regulatory framework for digital currency."

Aguda also mentioned a UnionBank experience with the BSP, reflecting its openness to innovation and willingness to collaborate despite tight timelines, with the customers’ benefit in mind. 

"During the pandemic, we had to send out a new product that will allow us to launch an app that will enable our customers to cash out in 11,000 counters nationwide. And the framework for us to execute that, as well as the product approval -- we got that covered in a matter of two weeks. We apologized to the BSP team because we had to work with them over the weekend, up to 11 in the evening. So, talk about a regulator who's responsive to the times."

"Fortunately, our regulators don't stand in the way of moving quickly towards the goal of a more digitized financial industry," Aguda concluded.

UnionBank UPAY for MSME: Helping level the playing field for the country’s growing number of MSMEs

Filipinos are now utilizing digital payments more than ever. Last month, the Banko Sentral ng Pilipinas reported that digital payments made up 20.1 percent of all transactions in 2020, more than double the figure from two years ago of 10 percent. This strong momentum is creating opportunities particularly for enterprising Filipinos who engage in e-commerce.

To help micro, small, and medium enterprises (MSMEs) in the country capitalize on this growing trend, Union Bank of the Philippines (UnionBank), the region’s digital trailblazer and the country’s foremost bank for MSMEs, has launched a groundbreaking feature that will make e-payments easier and secure not only for customers but also for MSMEs—the new UPAY for MSME.

This was unveiled at the Bank's 12th E-TalkTales media event, wherein UnionBank Vice President and MSME Segment Head Jaypee Soliman, and UnionBank Merchant Acquiring and Payment Gateway Head Gerry Austria led discussions on the critical role of digitizing payments in the country's fast evolving market.

Soliman began the discussions by talking about the state of digital payments in the country, citing the significant growth in the number of Filipinos who utilize these payment solutions. This is an indication that Filipinos are now more open to the idea of becoming a cash-lite society.

“This shows how the consumers are now transacting digitally. They are ready. They are there. The number of Filipinos having e-wallets and bank accounts continue to grow. But the question is, are the MSMEs ready to accept digital payments?"

This is where UPAY comes in. UPAY is a groundbreaking digital payments solution designed to make acceptance of multiple payment options accessible to MSMEs. It offers a fully integrated, single platform payment collection complete with other features that can make inbound payments easier for entrepreneurs, including the option to generate payment links with multiple collection channels, and the option to generate InstaPay QRPH for digital and physical channels.

"UPAY for MSMEs is a payment gateway that is embedded in our MSME Business Banking App. Businesses of all sizes and types now have the power to generate payment links, request payments, send it to their customers and provide multiple payment options, all these reconciled and credited to a single UnionBank account," Soliman said.

What makes UPAY convenient for accepting payments is that customers can choose their preferred payment channel either via Unionbank Online, InstaPay, Other Digital Wallets, Credit/Debit Cards and even over-the-counter through UnionBank’s expansive network of partner channels nationwide.

"When we conceptualized UPAY for MSMEs, we wanted to do away with all the different hassles that the merchant is experiencing to set up his payments, one of which is having to connect to a point-of-sale system, having to have different devices, having to have to download different apps," Austria said.

"Second, it's the efficiency in doing business. You don't need to be in your physical store to actually have a customer pay you. You can actually be vacationing somewhere else and someone wants to buy a product which they saw through your post on Instagram or Facebook. You can actually just create a payment link and send it to that customer, so it's very convenient for both the merchant and the customer," Austria added.

Through the new feature, UnionBank wants to level the playing field for MSMEs by making the feature accessible to them, which was previously only available to the bigger merchants as part of enterprise platforms that are too technologically demanding and expensive for smaller players.

 

For more information about the company and this article, please visit

www.unionbankph.com/msme/upay

 

E-TalkTales 10: Digital Transformation through PeopleTech

As we adopt to the present situation and practice safety protocols, we are all swiftly accelerating our adoption of digital technologies, whether its online learning,  payments and of course online banking. It really is easier not to mention safe to do our banking transaction nowadays. 

Union Bank of the Philippines (UnionBank) held its 10th E-TalkTales media event last April 21, wherein the Bank talked about its people-centric digital transformation and how this has helped not only its employees but also external stakeholders in line with the Bank's goal of enabling inclusive prosperity in the country. 

UnionBank Executive Vice President and Chief Human Resource Officer Michelle Rubio opened the discussion by talking about the Bank's successful digital transformation, which she attributed to its people. She then said that for digital transformation to succeed, organizations must focus more on equipping their workforce with the right skills and helping them become more agile, as this can give them more mileage than just investing in the latest software and equipment.

"Contrary to popular belief, digital transformation is less about technology and more about people. You can pretty much buy any technology but our ability to adapt to an even more digital future depends on developing the next generation of skills, closing the gap between talent supply and demand, and future-proofing your own and others’ potential," Rubio said.

Rubio underscored the importance of continuously upskilling employees because of the possibility of skill sets becoming obsolete in a few years as a result of the rapid advance of technology, citing a recent study by multi-national advisory firm Deloitte that reported that many skills are expected to become obsolete in five years and may even continue to shrink as the world becomes increasingly more digital. 

"UnionBank continuously upskills employees true to its commitment of growing and developing its talents and the talent community," Rubio said. "Holding on to its purpose of co-creating innovations for a better world, UnionBank was able to forge a strategy that could accelerate talent at any point of interaction with the Bank. This is called People Tech: people at the core, technology at the fore. Aligned to the Bank's purpose of co-creating innovations for a better world, UnionBank focused on People to make the transformation happen."

"People Tech advocates digital delivery to build capabilities and bring it to hyperspeed, allowing accelerated talent development and capability building inside and outside the organization," Rubio added.

In line with its People Tech advocacy, UnionBank has been successfully implementing various programs aimed at equipping people with the necessary skills for them to thrive in the digital workplace. One of these programs is the Xcellerator series, which offers accessible education not only to UnionBank employees, but also to anyone outside the Bank who wishes to learn more about topics that are relevant in the digital world. Since introducing the Xcellerator series, the Bank has helped thousands of learners become more knowledgeable in different topics related to digitization, including blockchain, application programming interface, project management, digital marketing, data privacy, coding, and fintech, among others.

"Through Xcellerator, we advocate digital delivery through capability building, so that innovations may happen ensuring no one gets left behind. We 'tech-up' the Philippines by educating and mentoring our community members in emerging technologies, contributing to the higher purpose of co-creating innovations for a better world, possibly opening up opportunities for Filipino tech talents," said Special Projects Head for UnionBank's Fintech Group and Xcellerator Program Lead, Nix Syjuco.

Another highlight of the discussion were UnionBank's numerous initiatives aligned with the People Tech advocacy that have benefitted various external stakeholders especially during the COVID-19 pandemic. Among these are the GoBeyond Communities initiative, which encourages UnionBank employees to join community centric activities that are in line with their personal advocacies; the HEROES 2021 initiative in partnership with Thames International School that aims to train educators on how to conduct classes online; and the Climathon Online Ideation initiative which encourages people to help in the creation of solutions that address the most pressing issues today.

Speaking about the Bank's efforts to help enable inclusive prosperity in the country, UnionBank Vice President for Sustainability Dave Devilles said that the goal is to continuously change the way people see technology, and help them realize its potential to create lasting positive impact and how it can be used for the greater good. 

"It's really about changing the mindset and moving the behavior, and we have witnessed how UnionBank has evolved from our desire to build capabilities internally, to share these, and to help communities and ultimately our country," Devilles said.

AI a vehicle for customers to achieve aspirations – UnionBank Senior Advisor for Data and AI

Data science and artificial intelligence (or “DSAI”) are two “tandem”-technologies that are now taking over many industries across the globe. Artificial intelligence has brought about many exciting prospects that have ushered more personalized, “tailor-fit” digital experiences for many of us. This has made many of the things we do in our lives simpler, more instantaneous and, thus, more convenient. 

As Union Bank of the Philippines (UnionBank) is now in the next phase of its digital transformation journey, the country’s leading digital bank has continued to invest in talent, infrastructure, and other resources needed to innovate and co-create using data science and AI, which is led by global data science expert Dr. David Hardoon Ph. D., as the Bank's Senior Advisor for Data and Artificial Intelligence.

On the sixth installment of UnionBank’s exclusive “eTalk Tales” with Media, Dr. Hardoon discussed how UnionBank is translating data science and artificial intelligence insights into a very individualized way of banking, making sure that everyone is statistically significant and provided the ‘VIP’ treatment with a wide range of personalized services and solutions. 

“DSAI is a key element within UnionBank’s digitize or perish journey. It is the differentiator between just “Digitize to survive” versus “Digitize to flourish,” Hardoon said.

Hardoon emphasized that AI is a must-have to enable a scalable customer-centric finance of tomorrow, today. The goal is to make finance relevant, specific, and contextual to each individual consumer.  His use of AI is not artificial intelligence but ‘augmented intelligence’.  Reality is that humans are phenomenal in creativity that machines do not have. Machines may be able to replicate but it cannot originate. This, according to Hardoon, is where augmentation comes in. Data science uses the insights from machines to operationalize and contextualize. “It’s not a question of ‘can we do it’ but ‘should we do it’.”

“AI is the engine of the digital renaissance.  It is a vehicle to achieve an aspiration. It is important to anchor AI on what truly matters—people, whether customers or employees. AI is truly about being human centric first. The purpose is us, primarily as customers, and how do we leverage on the insight and knowledge that can be derived from AI to help shape financial services around us.”

Digital transformation is heralded as the game changer for the banking sector in today's reality and for tomorrow's necessity. The transformation is rooted on the aspiration of inclusive and resilient financial services, and is about achieving a reality where ones’ moments of life are not defined around the financial products available, but where financial services and products are created to support the milestones in life. 

 

“The Bank has been introducing and enhancing countless digital touchpoints for customer ease and fluidity of engagement. These touchpoints mean exactly that, that customers engage with the Bank on a more regular basis. It is our responsibility to...imagine. Imagine the ability to provide bridging, or intra-day loans without a customer's need to submit hefty financial historical statements,” Hardoon said.

 

UnionBank uses AI to upgrade its existing strategy and accelerate further innovation, an example of which is its use as an additional layer of defense against financial crimes. AI enables the Bank to detect more instances while making sure that the existing defense and process will not be disrupted to ensure operation efficiency.  AI is also being leveraged by the Bank to predict future volume of inbound calls that can reduce some of the volatility in call management.  Through AI, the cash management solutions team are provided with data-driven relevant recommendations and proposals for customers.

 

Data Science and AI (DSAI) enables capabilities in understanding customers' needs through their various engagements with the bank and providers and the ability to go beyond a templatized approach to ascertain relevance, suitability, and affordability.  This makes UnionBank, Philippine banking’s best in the data science and AI field.

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, UnionBank President and CEO Edwin Bautista believes that leveraging Data and AI is a key driver to the next-level of its digital transformation as the Bank continues to put the customer—both individuals and corporates, at the heart of its business.