The partnership with the Monetary Authority of Singapore (MAS) allows UBX’s SME platform, Sentro to be integrated in the Business Sans Borders (BSB) system enabling SMEs from both markets to discover cross-border business opportunities.
SINGAPORE – Media OutReach – 18 November
2019 – Monetary Authority of Singapore (MAS) and Union Bank of the
Philippines (UnionBank) through its Fintech subsidiary, UBX signed a Memorandum
of Understanding (MoU) at the Singapore Fintech Festival 2019 (SFF) making
UnionBank the first Philippine partner for the MAS Business Sans Borders (BSB)
project which empower Small and Medium Enterprises (SMEs) globally.
BSB is an open connector
of participating SME-centric platforms developed by MAS and the Infocomm Media
Development Authority of Singapore (IMDA). By connecting separate platforms,
BSB helps SMEs access a much larger combined ecosystem of buyers, sellers,
logistics service providers, financing and digital solution providers. BSB uses
Artificial Intelligence (AI) to enable SMEs to access and discover fair prices
in a larger global marketplace, and easily utilise digital and financial
solutions.
Through this partnership, UBX’s SME
platform Sentro will be integrated into BSB. This will create more growth and
expansion opportunities for Philippine SMEs through the member partners of the
system.
Sentro is a comprehensive marketplace
of products and solutions curated for Philippine SMEs to help them grow their
businesses and empower them to go digital.
SMEs from
Singapore and other countries participating in the BSB, which are seeking
business opportunities in the Philippines, can access tools and services
offered on Sentro such as an SME website builder, B2B Marketplace, logistics
support, and financing thus enabling SMEs to digitize essential business
functions.
The BSB
MoU was signed during the Singapore Fintech Festival 2019 by UBX President John
Janusczak and MAS Chief Fintech Officer Sopnendu Mohanty, and was witnessed by
UnionBank Chairman Justo A. Ortiz, UnionBank President and CEO Edwin R. Bautista,
Fintech Group Head Arvie de Vera, and Platforms Head Ramon Duarte.
“In
everything we do, whether it is the Singapore Fintech Festival or the BSB, we
have one common partner and that is Union Bank of the Philippines,” said
Sopnendu Mohanty, MAS Chief Fintech Officer.
For more information on and/or
participation in BSB, visit: www.imda.gov.sg/bsb,
Details about UBX’s Sentro are available at: www.sentro.ph.
