Union Bank of the Philippines’ fintech subsidiary UBX and Monetary Authority of Singapore (MAS) signed a Memorandum of Understanding (MoU) at the Singapore Fintech Festival 2019. Under the terms of the agreement, Union Bank the first Philippines partner for the MAS Business Sans Borders project.
The MoU was signed by UBX President John Janusczak and MAS Chief Fintech Officer Sopnendu Mohanty, and was witnessed by UnionBank Chairman Justo A.
The MAS Business Sans Borders (BSB) project aims to empower small and medium enterprises on the global front. Through the partnership, UBX’s SME platform Sentro will be integrated into BSB, the local media reported.
Sentro is a robust platform comprising products and services specifically built for SMEs to grow their business and expand their international presence. SMEs can access tools and services offered on the Sentro platform, including the SME website builder, B2B marketplace, logistics support and financing.
BSB is developed by MAS and the Infocomm Media Development Authority of Singapore (IMDAS) to enable SMEs access buyers, sellers, logistics service providers and digital solution providers. The BSB platform uses artificial technology to help SMEs seek opportunities in a global marketplace.
Sopnendu Mohanty, MAS Chief Fintech Officer, told the media that, “In everything we do, whether it is the Singapore Fintech Festival or the BSB, we have one common partner and that is Union Bank of the Philippines.”
UBX aims to transform the lives of Filipinos and accelerate growth opportunities. SMEs from Singapore and other countries are participating in BSB to find business opportunities in the Philippines.