The partnership with the Monetary Authority of Singapore (MAS) allows UBX’s SME platform, Sentro to be integrated in the Business Sans Borders (BSB) system enabling SMEs from both markets to discover cross-border business opportunities.
SINGAPORE - Media OutReach - 18 November 2019 - Monetary Authority of Singapore (MAS) and Union Bank of the Philippines (UnionBank) through its Fintech subsidiary, UBX signed a Memorandum of Understanding (MoU) at the Singapore Fintech Festival 2019 (SFF) making UnionBank the first Philippine partner for the MAS Business Sans Borders (BSB) project which empower Small and Medium Enterprises (SMEs) globally.
BSB is an open connector of participating SME-centric platforms developed by MAS and the Infocomm Media Development Authority of Singapore (IMDA). By connecting separate platforms, BSB helps SMEs access a much larger combined ecosystem of buyers, sellers, logistics service providers, financing and digital solution providers. BSB uses Artificial Intelligence (AI) to enable SMEs to access and discover fair prices in a larger global marketplace, and easily utilise digital and financial solutions.
Through this partnership, UBX's SME platform Sentro will be integrated into BSB. This will create more growth and expansion opportunities for Philippine SMEs through the member partners of the system.
Sentro is a comprehensive marketplace of products and solutions curated for Philippine SMEs to help them grow their businesses and empower them to go digital.
SMEs from Singapore and other countries participating in the BSB, which are seeking business opportunities in the Philippines, can access tools and services offered on Sentro such as an SME website builder, B2B Marketplace, logistics support, and financing thus enabling SMEs to digitize essential business functions.
The BSB MoU was signed during the Singapore Fintech Festival 2019 by UBX President John Janusczak and MAS Chief Fintech Officer Sopnendu Mohanty, and was witnessed by UnionBank Chairman Justo A. Ortiz, UnionBank President and CEO Edwin R. Bautista, Fintech Group Head Arvie de Vera, and Platforms Head Ramon Duarte.
"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," said Sopnendu Mohanty, MAS Chief Fintech Officer.