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May 27, 2024

UnionBank ties up with Post Office to drive financial, social inclusion

A unit of Union Bank of the Philippines led by bankero Edwin Bautista has teamed up with the Philippine Postal Corporation (Post Office) to launch Kasama Lahat, a capacity development project which will transform the country’s premier postal agency into a modern hub that offers financial and data services for everyone in the community.

UBX, the leading open finance platform in the Philippines, will provide the necessary technical knowledge in digital finance and open finance to hasten the Post Office’s digital transformation journey.

With its ubiquity and reach, the Post Office is well-positioned to provide its customers necessary financial services, promoting financial and social inclusion, especially in far-flung areas. It has 1,300 outlets nationwide.

“This groundbreaking partnership with the Post Office reflects our strong commitment to include everyone into the country’s financial system. With its reach and data, the Post Office has the power to drive financial and social inclusion through its digital transformation initiative,” UBX president John Januzczak said.

Aside from transforming each postal outlet as community financial centers, the partnership will also empower postmen to become cash agents. They will be trained to provide guidance on how to apply for financial products and services, as well as to supervise the provision of these services.

In the long term, Kasama Lahat aims to establish Post Office as Open Finance Hubs, which can process data transactions as well, such as validation of customer information for loan applications, asset validation, and even collection or debt restructuring services.

“The Post Office Digital Innovation signifies the commitment and support of the Post Office especially under the new administration of President Ferdinand Marcos Jr. in serving the public who deserve no less than the best postal service by global standards’, Postmaster General Norman Fulgencio said.