Wirecard Collabs To Digitize Business Banking In Philippines

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Germany-based FinTech services firm Wirecard is partnering with the Union Bank of the Philippines to improve banking services for corporate customers, Wirecard announced on Friday (Feb. 28).

A Memorandum of Understanding (MoU) was signed in December at UnionBank Plaza in Pasig City. The partnership will enable Wirecard to tap UnionBank’s solutions — business banking, electronic fund transfer, and checkwriter in the Philippines — to safely disburse funds.

“Businesses play a big role in the country’s growth. They provide jobs, they contribute to our GDP, and they help build the country through their various corporate social responsibility efforts. With this partnership, we will be able to magnify all of that,” said Antonino Fajardo, center head at UnionBank Corporate Banking.

Fajardo added that the partnership will empower businesses by offering financial services that will help them create a positive economic impact.

“As a global innovation leader in digital financial technology, we are committed to providing innovative solutions and services for cashless payments,” said Martha Borja, general manager for Wirecard in the Philippines. She added that the companies have a common goal of advancing financial inclusion in the country.

“We are delighted to collaborate with UnionBank – who not only shares the same vision as us to promote financial inclusion in the country, but is also at the forefront of digital transformation in the Philippines, embracing technological innovations to empower customers,” said Borja.

UnionBank President and CEO Edwin Bautista pointed to the country’s expansion and said if everyone works together, the nation as a whole will see benefits

“The country is moving at a fast rate in terms of growth, and with this comes the possibility of the widening gap between those who make money and those who get left behind,” said Bautista. “We want as much as possible that when the tide rises, all boats get floated, even the small boats.”

In September, champion boxer Manny Pacquiao announced the launch of his own cryptocurrency at a free concert in Manila