Following this partnership, UnionDigital Bank aims to leverage Huawei’s ecosystem of services and solutions, as well as its customer base, in order to enhance financial inclusion and offer banking products and services to all clients in the area.
The Union Bank app is set to be available on the Huawei application gallery, allowing customers to have access to the digital bank’s financial tools and solutions. Furthermore, The UnionDigital Bank application will also provide users with loan products through Petal Ads, the mobile marketing platform that was designed for Huawei devices.
Regardless of their location and economic status, Filipino customers will be able to use the improved banking solutions in a more efficient and secure way. Through the partnerships, the two institutions will also focus on promoting financial inclusion, as well as leveraging the technology and software needed for designing the products.
Moreover, this aims to offer more users and individuals essential access to financial products, in order to contribute to the country’s growth in the digital economy.
In the long run, the Bangko Sentral ng Pilipinas plans to increase the overall number of Filipino adults with bank accounts to 70% by the end of 2023. Additionally, according to the press release, the institution also aims to shift 50% of the total retail transactions to electronic channels.
The Chinese-based multinational provider of comms technology Huawei had multiple partnerships and product launches in the last couple of months, covering multiple geographies.
At the end of March 2023, Huawei launched its Non Stop Banking initiative, focusing on enabling banks and FIs to increase revenue and customer base, save operational costs, and improve financial inclusion. The initiative called for a hand-in-hand collaboration between the information, communications technology (ICT), and banking industries, as well as for facilitating a digital future of `non-stop` solutions and `non-stop` developments.
Earlier in the same month, the company partnered with Ooredoo to leverage its mobile fintech platform. This prioritised the process of providing fintech services in markets across the company’s footprint. The two entities were set to cooperate for Ooredoo to give mobile-first financial products on Huawei’s platform, for both customers and merchants in the Ooredoo’s markets.
In February 2023, Huawei announced the launch of a beta version of the Wallet application, which allowed clients to test an early version of the virtual medical insurance card business. The virtual medical insurance card product was set to be developed by the Huawei Wallet, the National Government Service platform, and the National Medical Security Administration of China.
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