UnionBank launches SME financing platform with OneConnect

Thursday 18 July 2019 00:39 CET | News

Union Bank’s fintech subsidiary UBX has teamed with OneConnect to build a blockchain enabled platform geared towards financing MSMEs in the Philippines.

According to their press release, the blockchain enabled platform will be operational by 2019 and will be made more widely available by 2020. The platform’s supply chain financing will record crucial data on the blockchain to make it tamper-proof and traceable.

Aside from supply chain financing, the parties involved stated that the platform also covers a wide range of business finance needs such as multi channel loan applications, credit assessment, loan disbursement and anti-fraud checking. The platform is said to leverage OneConnect’s facial recognition technology, micro-expression interviewing technology, big data and AI.

OneConnect is technology arm of the Ping An, often referred to as the world’s most valuable the insurer, who recently set up their office in Sinagpore in late 2018.

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Keywords: UnionBank, OneConnect, supply chain finance, partnership, Philippines, MSME, UBX, financing , bank, blockchain, distributed ledger technology
Countries: World

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