Amid the severe economic impact of the ongoing pandemic, UnionBank of the Philippines has launched a banking app exclusively for small and medium-sized enterprises (SMEs) in the country.
The UnionBank SME banking app is aimed at continuously empowering SMEs to adopt digital transformation and unlock more opportunities that can help them pivot, grow, and thrive in the new normal. The new app also underscores the lender’s primary goal of using its digital expertise to offer more financial services to more Filipinos.
Apparently, 2020 disrupted the operations of numerous businesses across different industries in the country, just like in the rest of the world. According to the Philippine Statistics Authority (PSA), the gross domestic product or GDP (total monetary or market value of products and services produced) of the country dived to -9.5% in the entire 2020, compared to a 5.9% GDP growth in 2019.
As SME owners continue to focus on keeping their operations afloat through seeking efficient and reliable banking solutions, the country’s banking sector has also been affected by the economic slump since the recession started in the second quarter of 2020.
This is why the new UnionBank SME banking app is more valuable. It is developed to serve as an all-in-one access platform to help SMEs in their financing needs. For one, the app facilitates the online opening of a checking account. The no-fuss checking account could be ready to use within the same day, skipping the tediousness of filling out numerous forms and personally visiting a bank branch. All financial operations of SMEs can also be managed through the app in just a few clicks.
The UnionBank SME banking app is also supported by UnionBank’s other existing financial solutions. Through interconnection with SeekCap, SMEs can now apply for a loan through the app—fast and hassle-free. Moreover, through the UnionBank GlobalLinker (touted as the social media network for SMEs), small business owners can now manage inventory as well as their teams, gain more knowledge about the business environment, and expand their business network and prospects at the same time.
“As the country continues to recover, Philippine SMEs need innovative, convenient, and secure banking solutions,” said UnionBank Vice President for SME Platforms Jaypee Soliman. “Through our platform, we want to empower them to bank the way they want and according to what their business needs.”
Based on 2019 data from the Department of Trade and Industry (DTI), up to 99.5% of the country’s over 1 million businesses are categorized as micro, small, and medium-sized enterprises (MSMEs). Micro enterprises account for 89% of those, while SMEs constitute 10.5%.
“At the end of the day, we’re all in this together and we want to help all Filipinos be financially inclusive. We are a digital partner that Pinoy SMEs can trust and rely on amid any challenge,” said Soliman.