UnionBank talks business solutions with MSMEs

Union Bank of the Philippines (UnionBank), in partnership with the Department of Trade and Industry (DTI), held a webinar for micro, small, and medium enterprises (MSMEs) on building financial resilience through the bank’s business solutions last August 31

“The partnership of the DTI and UnionBank has come a long way, with initiatives focused on facilitating the transition of MSMEs to the digital marketplace. We thank UnionBank for hosting for free in its UB GlobalLinker the online National Trade Fair,  National Arts and Crafts Fair,   Gawang Pinay Digital Store and the Go Lokal Digital Mall  -a testament of how we achieve bayanihan during the pandemic,” says DTI Undersecretary Abdulgani Macatoman.

The webinar  showcased two (2) award-winning solutions that support MSMEs with products that will improve the online payment system of businesses and help them increase their capital by exposing them to different loan products.

“The pandemic has accelerated our digital transformation. We had so many challenges in sales generation because of the constant change of protocols and the lack of suppliers. […] The MSME Business Banking App helped me pay suppliers, deposit checks without having to go to a branch, and transfer funds to other banks immediately. I also signed up for UnionBank GlobalLinker because I heard that it has helped many of my SME owner friends,” shared Vincent Fideles, owner of Afters Foods Corporation.

Aside from the MSME Business Banking App which was recently named ‘Best Mobile Banking Technology Implementation’ by The Asian Banker, UnionBank also offers UPAY and SeekCap. Upon its launch in July, UPAY allows MSMEs to collect payments from their customers by sending an online payment link and it can also be an e-commerce page checkout facility that accepts multiple payment channels from fund transfer, over-the-counter payments, e-wallets, and debit/credit cards.

Meanwhile, UnionBank’s SeekCap, winner of The Asian Banker’s Best SME Loan/Financing Product, is an online loan marketplace where business owners may browse short-term business loan products and apply digitally. Unionbank Business Loan is available on this platform. Through this Business Loan, business owners can borrow as high as Php 1M without any collateral.

“After a few minutes, I already got a reply to my loan application. It was credited to my account within two days. I applied in December because I needed more funds as the lockdown kept extending. I needed more funds to grow my business further. Luckily the loan was approved right away,” said Hope Joy Palermo, owner of Real’s Food.

During the pandemic, UnionBank has also been extending assistance to MSMEs through GlobalLinker’s webinars and programs that provide them with learning opportunities on how to digitize their business to cope with the challenges of social-distancing and lockdowns during the pandemic. GlobalLinker also provides a facility for its members to establish an online storefront, which helps them promote their products online more easily.

Moreover, the Bank has also been giving its clients one-on-one sessions to provide advice and guidance on managing finances and operations through special sessions conducted by UnionBank Director Josiah Go, a well-respected marketing guru and business educator.