CARD SME Bank opens new branch in Batangas; geared up for the new normal
CARD SME Bank opened its 35th branch in Nasugbu, Batangas on July 27, 2020, and is now ready to serve its clients adapting to the new normal......»»
Loan process simplified for DepEd teachers
City Savings Bank, the thrift arm subsidiary of the Aboitiz-led Union Bank of the Philippines, continues to make headway with its groundbreaking Loan Ranger Mobile App, which caters to the banking needs of Department of Education teachers. The mobile app provides public school teachers a fast, convenient and secure way to check their savings and loan account balances, as well as apply for a reloan anytime, anywhere. Over 170,000 DepEd teachers and employees have enrolled in Loan Ranger Mobile. True to its tagline “Simple is Good,” CitySavings has simplified the loan process for DepEd teachers. With Loan Ranger Mobile, teacher-clients can view their account balance in real time. If they qualify for a reloan, they can simply apply using the app, without having to visit a CitySavings branch. They can also check the status update of their loan application. Angelica Loretizo of Aurora Elementary School in Quezon Province said using the app now saves her long hours of travel to and from the branch. “The CitySavings Loan Ranger Mobile is very easy to use. I no longer have to worry about spending time commuting. It’s very convenient for teachers like me with just a few clicks to make our transaction. I hope all banks will have this kind of customer service,” Loretizo said. One of the key features of Loan Ranger Mobile is its simplicity and user-friendly interface. The app is designed to ensure a seamless navigation experience, making it accessible to all DepEd teachers, regardless of their level of technological expertise. The intuitive layout and easy-to-understand instructions enable users to easily perform banking transactions, eliminating the need for time-consuming visits to bank branches. It is also easy to register with Loan Ranger Mobile, which is available to download on Google Play Store, Huawei AppGallery and Apple App Store. Teachers can sign up with their existing CitySavings account or card number and validate their registration with a one-time password. They can then add their other savings and loan accounts with CitySavings to check their balances and pay bills. Soon, they can receive and transfer funds, and earn and redeem rewards. Recognized by International Finance Awards as the Most Innovative Savings Bank in the Philippines, CitySavings is committed to delivering exceptional, technology-driven banking experiences to its customers. This innovative solution further cements CitySavings’ vision to be the leading mass market bank in the country and the bank’s contribution to the Aboitiz Group’s Great Transformation growth strategy to become the Philippines’ first techglomerate, propelled by technology and a renewed entrepreneurial mindset. The post Loan process simplified for DepEd teachers appeared first on Daily Tribune......»»
Aboitiz Group furthers ‘Great Transformation’ into 2023
The Aboitiz Group has seen exceptional performance in the first half of 2023, showcasing its "Great Transformation" into the Philippines’ first techglomerate. Leveraging innovation as well as synergies across its diverse business portfolio, the group has solidified its position as a trailblazer of industry. With a strong foundation in place, the Aboitiz Group eagerly sets its sights on forthcoming projects that promise further success and innovation. AboitizPower. The Aboitiz Group’s holdings in power generation and distribution, AboitizPower, continues to support the country’s energy transition and socioeconomic development with its diverse portfolio of thermal and renewable energy power plants, as well as internationally certified asset management capabilities from its distribution utilities. With close to 1,000 megawatts (MW) of ongoing and disclosed energy projects, it is en route to accomplishing its 10-year growth strategy of having at least 9,200 MW in its generation portfolio equally split between RE and thermal sources of energy by the next decade. This journey includes the development of the 17 MW Tiwi Binary Geothermal Power Plant, the 94 MW Cayanga-Bugallon solar facility, and the 167 MW Laoag solar facility. AboitizPower is also looking to begin the construction of its Calatrava Solar project and Olongapo Solar project within the year. These RE investments are complemented by other developments in Battery Energy Storage Systems, like the SN Aboitiz Power 24 MW Magat Battery in Isabela, which — much like the commercially operational 49 MW Maco Battery in Davao de Oro — will help provide regulating and contingency reserve power to the country’s grids. Subsidiaries. Meanwhile, subsidiaries Davao Light and Power Company, Visayan Electric Company, Cotabato Light and Power Company and Subic EnerZone Corporation were the first power DUs in the Philippines to be certified with an ISO 55001:2014 certification for Asset Management, an international standard that attests to the efficiency of how they manage the lifecycle of their assets, i.e., power lines, transformers and substations. This validates the reliability of their services and strengthens the uninterrupted provision of electricity in their respective service areas. Efficient asset management is essential for DUs to successfully manage their infrastructure and optimize maintenance and costs, thereby ensuring regulatory compliance and a reliable bridge between transmission lines and businesses, communities and homes. UnionBank. Union Bank of the Philippines continues on its trajectory of becoming a Great Retail Bank as it has consistently been recognized as one of Asia’s leading companies. Among the many recognitions for the 1st half of 2023 that UnionBank has reaped are: Best Retail Bank in Southeast Asia (Cfi.co), 4-time Best Retail Bank in the PH (The Asian Banker) and 6-time Digital Bank of the Year PH (The Asset). In line with its nation-building “Tech-UP Pilipinas” advocacy, UnionBank’s strategic partnerships have been focused on digitization as an essential element for client success. UnionBank’s determination to be an enabler of the Philippines’ bid to be a G20 country by 2050 is apparent as it continues to nurture and grow its diverse client portfolio that includes corporate, MSME, high net worth as well as local and national government entities. As a recognized trailblazer that embraces technological innovations that empower its customers, UnionBank together with its digital banking arm UnionDigital Bank (UnionDigital), fintech arm UBX and thrift arm City Savings Bank (CitySavings) showcased its expertise in artificial intelligence at the first AI Summit PH 2023 last May. The first half of the year also saw UnionBank’s commitment to offering clients amazing and exclusive experiences through partnerships with Live Nation (for world-tour concerts) and GMG productions (for the Hamilton musical). “The investments we made last year have exceeded our expectations. UnionDigital is already profitable after less than a year in operation. There is strong momentum in the acquired credit cards business from Citi. New-to-bank card customers are at a record level. We are geared up to grow our retail banking business. Our infrastructure is ready for scale. We have sufficient capital coming from the recent stock rights offering to further grow our earning asset capital base,” said UnionBank president and CEO Edwin R. Bautista. Aboitiz InfraCapital. Aboitiz InfraCapital remains on track with its purpose of enabling businesses and uplifting communities. AIC Economic Estates maintains its position as the leader in industrial-anchored mixed-use development nationwide, with the largest footprint of developed industrial estates as well as the single largest privately owned industrial estate in Lipa-Malvar, Batangas– LIMA Estate. 2023 marked LIMA Estate’s 25th anniversary, as well as the 30th year of West Cebu Estate in Cebu. These estates are undergoing industrial and commercial expansion to accommodate more locators and create approximately 90,000 employment opportunities. Water business. For AIC’s water business units, Apo Agua can now produce safe and reliable water for the Davao City Water District’s water reservoirs. Apo Agua’s laboratory has also obtained accreditation for drinking water analysis from the Department of Health. AIC's LIMA Water, on the other hand, continues to operationally benefit from its SMART Water Network, leading to reduced fuel consumption and high facility uptime. Digital infrastructure. In the digital infrastructure landscape, Unity Digital Infrastructure completed the first closing of a total of 250 sites from its acquisition of over 1,000 telecom towers from Smart-PLDT and Globe Telecom. Additionally, Unity marked a major milestone by successfully co-locating three Mobile Network Operator tenants (Globe, Smart and DITO) in one of its towers in Cebu. The three-tenant tower is the first in the Philippines and showcases the effectiveness of the shared tower model in support of the government's drive to improve digital connectivity through the common tower initiative. Mactan-Cebu International Airport. Mactan-Cebu International Airport surpassed expectations with significant growth in passenger traffic, peaking at around 5 million passengers in the first half of this year, more than double the previous year. The resumption of major international routes, such as Shanghai and Taipei, and improved aircraft availability are expected to further boost traffic in the second half of the year. MCIA's excellence in promoting the airport and in ensuring customer experience was also recognized, as it received the Routes Asia 2023 Marketing Award in the 5 million category and became the first airport in the Philippines to be accredited by the Airports Council International for its Airport Customer Experience. The post Aboitiz Group furthers ‘Great Transformation’ into 2023 appeared first on Daily Tribune......»»
Cash-out
Cashless transactions are now prevalent with the use of e-wallets on mobile phones and smart cards. But this proved to be challenging for an ANZ bank depositor in Brisbane, Australia when she needed money to renovate her house. Taryn Compton recently went to a local branch of the bank to withdraw A$3,500 but she forgot to bring her automated teller machine card. Compton decided to withdraw the amount from her account over the counter. Still, it was not possible. The teller told Compton that the bank was a cashless branch and the only way depositors could withdraw their money was through the ATM, 9 Now reported. The teller helped Compton download and install an app on her phone so she could transfer money from her bank account to her e-wallet without the need for an ATM card. This also didn’t work, however, leaving her with one last option. “The teller told me that if I wanted to get my cash out if I needed it that day, to transfer it to another bank and try somewhere else so that’s what I did,” she said, according to 9 Now. “If you can’t get your own money from a branch, what’s the point of a bank?” she exasperatedly asked. Meanwhile, a Filipino money collector was faced with a somewhat similar dilemma when he also could not get his cash. The collector was on a motorcycle on the Cebu South Coastal Road in Cebu City last 4 July heading to Mandaue City to remit the cash payments he had collected from kiosks at the South Road Properties when a motorist signaled to him that he had dropped something, the TV news show 24 Oras reported. On turning around, he was shocked to see money flying all over the road and people scrambling to pick up all that cash. He looked at his money bag and quickly realized that the money had flown out of it after the zipper broke. He then called the police for help in recovering the money. While he got back P2,083,000 on the spot, this was far less than the total he had collected that day which was about P4 million. The collector faced the prospect of having to replace the lost money himself. He then aired an appeal to the people who had snatched up some of the money he had dropped to return it. The post Cash-out appeared first on Daily Tribune......»»
CARD SME Bank inaugurates 36th branch in General Santos City
CARD SME Bank opens its 36th branch on December 7, 2020, to cater to the financial needs of more MSMEs in Brgy. Lagao, General Santos City......»»
CARD RBI opens its first branch under the new normal
To bring its banking products and services closer, CARD MRI Rizal Bank (CARD RBI) opened its 32nd branch in Siniloan, Laguna on July 27, 2020......»»
CARD Inc. Medical Services opens in Tanauan, Leyte
CARD, Inc. - CARD MRI’s Microfinance and Health Protection (MaHP) opens a clinic and laboratory facility that offers medical services in Tanauan, Leyte on October 5, 2023......»»
CARD Bank marks 26th year as financial inclusion champion to Filipino communities
CARD Bank, Inc. celebrated its 26th founding anniversary and savings month with the theme “Conquering a new frontier towards more inclusive financial services” on September 1, 2023......»»
CARD RBI offers solar loans to combat rising power costs
For the bank, this solar loan program further defines their commitment to creating a brighter, sustainable future for everyone......»»
Riding the Wave
Unbound from desk work, I finally attended an afternoon press event for the unveiling of Security Bank’s newest credit card offering at The Island at the Palace in Bonifacio Global City in Taguig last week and followed the invitation instructions to come in resort wear, or at least in what in my book is equivalent to resort wear......»»
Russian branch of EU bank posts $172 million profit
Russian branch of EU bank posts $172 million profit.....»»
Israel-Hamas truce: Red Cross says it facilitated release of 33 Palestinian prisoners
Geneva [Switzerland], November 25 (ANI): The International Committee of the Red Cross (ICRC) has said that it facilitated the release of 33 Palestinian prisoners from an Israeli prison to the West Bank as part of the Israel-Hamas four-day truce. "We have now successfully facilitated the release of 33 Palestinian detainees from Ofer prison to Ramallah," the ICRC's Israel and Occupied Territories branch wrote on X on Friday.....»»
Security Bank leverages AI to boost loans
Security Bank Corp. is leveraging artificial intelligence to boost home loans and credit card approvals......»»
Israel-Hamas truce: Red Cross says it facilitated release of 33 Palestinian prisoners
Geneva [Switzerland], November 25 (ANI): The International Committee of the Red Cross (ICRC) has said that it facilitated the release of 33 Palestinian prisoners from an Israeli prison to the West Bank as part of the Israel-Hamas four-day truce. "We have now successfully facilitated the release of 33 Palestinian detainees from Ofer prison to Ramallah," the ICRC's Israel and Occupied Territories branch wrote on X on Friday.....»»
Deceased Maine shooter had mental health problems: police
Police in Maine said Saturday that the man who gunned down 18 people at a bar and a bowling alley and later committed suicide, suffered serious mental health issues, but was able to buy weapons legally because he had never been forcibly committed to treatment. The body of Robert Card, a 40-year-old army reservist, was discovered Friday night inside a tractor-trailer near a recycling center where he used to work, said Maine public safety commissioner Mike Sauschuck. Card had shot himself. Investigators are still struggling to determine Card's motive for carrying out Wednesday's massacre in the town of Lewiston. However, Sauschuck said that Card had reportedly been hearing voices and suffering from paranoia. "Clearly there's a mental health component to this," Sauschuck told reporters. Investigators found a "paper-style" note that Card had left to a loved one which contained a password to his phone and bank account information, Sauschuck said, adding that the note had the tone of a suicide letter. Card was found in possession of three weapons, one of them a long gun, all purchased legally because he had never been forcibly committed to a mental institution. Despite the apparently clear mental health issues and a reportedly recent psychiatric evaluation undergone by Card, "a background check is not going to ping that this individual was prohibited," Sauschuck added. The sigh of relief The discovery of Card's body ended a massive two-day manhunt, which had this quiet city of 38,000 people on lockdown, with businesses and schools closed and residents terrified. Sauschuck acknowledged the help Card's family had provided to the investigation, saying his relatives were among the first people to call the police and identify the suspect. "This family has been incredibly cooperative with us," he said. Lewiston finally breathed a sigh of relief with businesses beginning to open and people appearing on the streets Saturday. Several posters reading "Lewiston strong" were seen in the city. Shukri Abasheikh, 60, was finally able to reopen her halal grocery store after the lockdown. "This morning I'm so happy because the last two days, we were worried a lot and we were scared," Abasheikh told AFP. "My customers were calling me saying we don't have milk, we don't have anything, can you open and I said, 'I'm scared.'" Upon learning that Card was dead, Sheri Withers, 44, owner of a Lewiston art gallery, said she felt "a balance of relief and remembering how to breathe, but also just being sad because, you know, it was a human life." For now, residents are "just trying to rebuild the pieces, and getting on from here is gonna be the next step for our community," she added. A local resident named Danica, who was buying coffee at a drive-through, said she was happy Card was dead, but at the same time wished he had first been brought to justice. "I think he took the coward's way out of doing it by suicide," Danica, who declined to give her last name, told AFP. "I think he should be held accountable for his crimes." In a statement issued shortly after Card's body was discovered Friday night, President Joe Biden vowed to renew efforts to curb gun violence in the United States. "Americans should not have to live like this," Biden said. "I will continue to do everything in my power to end this gun violence epidemic." Biden said the shooting brought "a tragic two days -- not just for Lewiston, Maine, but for our entire country." Authorities on Friday identified the victims, ranging from a husband and wife in their 70s to a 14-year-old boy killed alongside his father. This was one of the deadliest shootings in the United States since 2017, when a gunman opened fire on a crowded music festival in Las Vegas, killing 60 people Mass shootings are alarmingly common in the United States, a country where there are more guns than people and where attempts to clamp down on their spread are always met with stiff resistance. The United States has recorded over 500 mass shootings this year, according to the Gun Violence Archive, a non-governmental organization that defines a mass shooting as four or more people wounded or killed. Efforts to tighten gun controls have for years run up against opposition from Republicans, staunch defenders of the constitutional right to bear arms. The political paralysis endures despite widespread outrage over recurring shootings. The post Deceased Maine shooter had mental health problems: police appeared first on Daily Tribune......»»
QC court grants TRO on LTO’s plastic license card procurement
A preliminary injunction has been handed down by the Quezon City Regional Trial Court Branch 215 following the lapses of the temporary restraining order it issued over the Land Transportation Office's procurement of plastic cards for driver's licenses. QC-RTC Branch 215 Judge Rafael Hipolito granted the petition filed by AllCard Inc. that questioned the procurement contract awarded to Banner Plastic Card Inc., which submitted a bid of P219 million inclusive of taxes for procuring the license cards, higher than the P177 million bid of AllCard Inc. A post-qualification evaluation disqualified AllCard due to "delays" in another project involving the Bangko Sentral ng Pilipinas (BSP) and other government agencies. LTO chief Asst. Sec. Vigor Mendoza immediately expressed that it would be a big setback to the project which would stop the deliveries of the plastic cards which may add another two-month delay. "Once effective, mahihinto ang supplier natin. Hindi na siya pwedeng magdeliver... Dati goodbye papel, eto welcome back although the injunction is not yet effective," he said in a radio interview. "Ang maaapektuhan 'yung current usage, 'yung dapat kasi nung Oktubre if you filed a license in October you would get it automatically. Ngayon mapapahinto natin 'yan dahil magkukulang tayo ng card," he added. The post QC court grants TRO on LTO’s plastic license card procurement appeared first on Daily Tribune......»»
UnionBank cardholders get pre-sale Miss Saigon tickets access
The new staging of one of the most iconic musicals of all time takes the stage in the Philippines, and Union Bank of the Philippines (UnionBank) is giving its cardholders a chance to score tickets before everyone. GMG Productions, in association with GWB Entertainment, has announced that Sir Cameron Mackintosh’s globally acclaimed new production of Boublil & Schönberg’s Miss Saigon is coming to Manila in March 2024. Dedicated to bringing top-tier musical entertainment to Manila, GMG Productions is again partnering with UnionBank to fan the flames of theatrical passion and give its customers exclusive access as the official presenting sponsor and pre-sale partner of Miss Saigon Philippines. Get the best seats before they’re gone as UnionBank will be holding a ticket pre-sale event exclusively for UnionBank credit and debit cardholders. Exclusive booking period From 23 to 27 October 2023, UnionBank card holders can enjoy the exclusive booking period and a 10 percent discount on their ticket purchase by using the first six digits of their card as a promo code. There will also be another chance for UnionBank cardholders to get their hands on tickets, with the extended pre-sale from 28 October to 3 November 2023. Tickets open to the public on 6 November 2023. Miss Saigon is a retelling of Giacomo Puccini’s Madame Butterfly, moving the story to 1970s Vietnam, where Kim, a young Vietnamese woman, falls in love with an American G.I. named Chris during the final days of the Vietnam War. The story follows Kim as she embarks on her three-year journey to reunite, all while carrying a secret. Filipino artists such as Lea Salonga, Monique Wilson, Joanna Ampil, Jon Jon Briones, Rachelle Ann Go, Isay Alvarez-Seña, Leo Valdez, Aicelle Santos and Red Concepcion have all been a part of the classic stage production over the years, along with countless other homegrown talents who have showcased the incredible depth of talent within the Filipino community. The post UnionBank cardholders get pre-sale Miss Saigon tickets access appeared first on Daily Tribune......»»
DoE identifies offshore RE sites
The Department of Energy or DoE has identified nine potential renewable energy, or RE, sites to establish offshore wind ports that can serve as offloading terminals for a more seamless and efficient establishment of offshore wind or OSW facilities in the country. Speaking to reporters at the sidelines of an energy forum hosted by the Nordic Chamber of Commerce of the Philippines on Tuesday, Energy Assistant Secretary Mylene Capongcol said these ports will be developed to become staging areas housing the foundation, turbines, blades, and other materials that will be used in building the OSW structures. Capongcol cited Ilocos Norte, Batangas, Bacolod, Mindoro and Cagayan Valley as among the initial locations where the planned ports will be assembled. The Asian Development Bank will assist in evaluating these sites. “These are just initial identification and these nine ports are based on the project developments. They are initially identified to support and advance project constructions in these areas,” she said. To further uncover the country’s OSW potential, the DoE said “suitably sized and strategically located ports are essential for the storage, assembly, construction and operation of OSW farms.” Potential private sector partner Recently, the state-run Philippine National Oil Company disclosed that it is looking for a potential partner from the private sector to convert its 19-hectare Batangas port into an OSW Power Integration Port. It also tapped the University of the Philippines National Engineering Center to “help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month.” The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. OSW contracts awarded To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay, and Guimaras Strait. These, according to Capongcol, are all under the development stage, which includes preliminary wind data gathering, application for endorsements, and request for System Impact Studies. Despite the vast supply available nationwide, the OSW roadmap showed that the tedious permitting process as well as grid assets availability should be resolved. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The post DoE identifies offshore RE sites appeared first on Daily Tribune......»»
MSMEs’ digital shift needs collaboration
The global Covid-19 pandemic has profoundly impacted the micro, small and medium enterprises, or MSMEs, with the economic shocks reverberating worldwide. However, the pandemic also saw an unprecedented focus on the struggling sector. Despite being diminutive in size, MSMEs make up for the shortcoming with their sheer volume, making them a source of significant contributions to the local economy. The latest data from the Philippine Statistics Authority showed MSMEs comprised 99.52 percent of total businesses in the country, or over 998,342 Filipino enterprises delivering goods and services daily. “In the fast-paced business landscape, MSMEs are facing increased pressure to apply digital technology on their operations to remain competitive and even upscale,” Dino Velasco, the senior vice president and institutional segment marketing head at Union Bank of the Philippines, said in an interview with the Daily Tribune’s digital show Business Sense. “The Covid-19 pandemic has accelerated this trend, with businesses across the globe, regardless of size, rapidly adopting digitalization to survive and thrive in the so-called new normal,” he added. UnionBank ceded it could not take the whole task by itself. It needed to partner with stakeholders to address the enormity of the challenge. Foremost in the task is the geography of the Philippines with 7,641 islands which are broadly categorized in three main geographical divisions from north to south. Some of these islands are off-grid, which requires powering up first before they can be connected digitally and served by traditional financing facilities, like UnionBank. “We also do understand and accept the fact that we cannot do it alone. For us at UnionBank, it’s very important to work with partners and we do have partners both in the technology space and in the brick-and-mortar space that allow us to expand or reach even further. Going beyond the 80 percent of the population that are connected and reach the other 20 percent off-grid,” Velasco added. Looking at the Philippine financial landscape, the fintech space has evolved, with telcos, power providers and distributors, money business services, logistics, and others, who are present in off-grid communities as part of the whole-of-nation approach to achieving financial inclusion. Velasco went on, “We continue to partner with these vital stakeholders so that we can provide and extend our financial services to the markets in those areas.” GlobalLinker The greatest hurdles to the successful adoption of digital technology among MSME is overcoming the lack of expertise and good practices, and the associated costs. For a broader uptake of digital tools for these sectors, there needs to be more widely available standardized and even ready templates that the MSMEs can use like a plug-and-play setup. These ready templates would help avoid the appearance of costly and complicated tools and potentially enhance the opportunities for MSMEs to achieve sustainability. “That has always been the challenge for technology, not just for banking, but a lot of industries. How do we educate the more senior segment of the population,” Velasco replied when queried on how to educate MSMEs to embrace digital tools to advance sustainability. Velasco added: “What works is to educate the influencers for that more senior population of the segment. A lot of the small businesses today have in the past, involved other members of the family in running their businesses and they become part of educating those who are trying to use technology for the first time. We noticed that we can adapt that strategy by involving these family members who influence the other members, especially those who are already digitally savvy.” In addition, UnionBank has launched the Global Linker, an online platform designed for e-Commerce that allows users or MSMEs to create their website, while also offering them the opportunity to manage their inventories and link up with other merchants, suppliers, and even resellers. The UnionBank GlobalLinker is a digital SME online platform that aims to digitize SMEs in the country. To create trade fairs and online marketplaces for Filipinos all over the country, we are dedicated to the digital education of all Filipino SMEs. Velasco explained that after creating their website through GlobalLinker, the merchants are now accessible to potential clients “wherever there may be, here or outside the Philippines.” “Imagine if you are an exporter from the Philippines and you have a potential client from India. Because of GlobalLinker, you can communicate with each other and ensure that the goods and services can be ordered and delivered to your client overseas. More importantly, this e-Commerce site is equipped with the necessary tools in ways by which customers can settle or pay digitally,” he said. Velasco continued, “And if you are using our MSME Business Banking app, you can transact overseas and pay someone using Swift (code). Basically, the GlobalLinker is business networking for MSMEs and startups.” Mobile app introduced In the age of a growing demand for digital presence, Velasco said it goes unsaid that UnionBank sees the need for digital technology as a critical tool for MSMEs that want to grow or expand. “What we’re focusing on is to feature our MSME Mobile Business Banking App that we developed to answer the needs of our customers from beginning to end,” Velasco said. “Meaning end-to-end from the time a small business owner needs to apply for an account to the time when they need to manage their businesses. Using the app right solely instead of going to other channels where they need to get out of their offices and go to the branch.” The UnionBank mobile app aims to educate its users to allow the app to let “everything happen while they’re using the app or the platform.” The app also aims to create solutions for the users, like the QR code feature to allow merchants to accept payments from their customers. “It is really an end-to-end feature from account opening to transferring funds, to paying suppliers to accept payments from their customers and up to even applying for a loan facility,” Velasco added. The mobile app is something UnionBank wants to make available in the hands of its customers by simply accessing the mobile banking app for MSMEs. Necessary journey It is no longer a choice for MSMEs. Digitalization is now a necessary journey that all MSMEs must embrace to survive and succeed. Using digital technology may save significant costs for the MSMEs, while at the same time enhancing their operations, sales, marketing, and presence. A digitized MSME may also see increased productivity and efficiency, and improved customer service. But digitalization also comes with several challenges, including technological know-how, funding, and even data security. UnionBank of the Philippines is offering several platforms to solve these challenges. All you have to do is click and download their digital platform offerings. UnionBank is committed to helping MSMEs achieve their digital transformation goals, with their expertise and cost-effective solutions. The post MSMEs’ digital shift needs collaboration appeared first on Daily Tribune......»»
Cebu-based coop finds low-cost loans feasible
Cebu CFI Community Cooperative plans to upgrade its digital tools to extend affordable loans to more individuals and enterprises nationwide. Cebu CFI president and CEO Pablo Garcia said the loan portfolio of the 53-year-old cooperative expanded from P5 billion to P9 billion in 2020 through its use of modern computers and mobile apps. “In the past, computers of cooperatives were from the nineties so they didn’t have the technological capacities to deploy financial services easily. Now, people can borrow digitally,” Garcia told the Daily Tribune in its show “Business Sense with Komfie Manalo” on Monday. The cooperative offers online personal, health, salary, housing, education and business loans with interest rates of 7 percent to 9 percent per annum. In contrast, Garcia said big banks can impose up to 12 percent per month and 20 percent monthly from informal lenders called 5-6 lenders. Garcia said customers can pay their loans and other Cebu CFI products as easily as using an e-wallet. Garcia shared that the cooperative recently received P4 billion from the Land Bank of the Philippines and is discussing another financing project with the Small Business Corporation of the Department of Trade and Industry. Digitalization makes it happen Through digitalization, the cooperative can lend faster without their customers going to its main office in Capitol Compound in Cebu or its branch in Makati City. “There is no annual fee and you have access to all our digital services as well. You have access to finance easily in your pocket or on your computer,” he said. “We are a friendly financial partner hoping to provide financial stability for Filipinos at the lowest interest rate in the Philippines,” Garcia added. As a cooperative, Cebu CFI is able to further provide loans through its members’ contributions which the company pools and reinvestments in other businesses, such as real estate and food. Gains from these investments are then distributed to the members digitally. “Through the funds that you put in the cooperative or the funds that we lend to you as a cooperative, we are able to create programs that allow you to increase your incomes. We do this together,” Garcia said. “Our members and their families are able to grow through our education and business assistance and opportunities for comfortable housing. So, the effect is we help the economy not just in the long term, but even in two to five years.” For example, Cebu CFI offers members loans to put up their own Five Star Manok, a chicken franchise originated in Thailand and uses a mobile app to facilitate all business transactions. After all these digital efforts, Cebu CFI has increased its assets to P15 billion and gained trust from government lenders for additional capital to support its growing demand for personal and business loans. The post Cebu-based coop finds low-cost loans feasible appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»