UnionBank of the Philippines is partnering with Visa’s FinTech Fast Track program as a bank identification number (BIN) sponsor that will enable FinTechs in the country to develop personalized payment gateways. The bank is the first company from the Philippines to join Visa’s program as a BIN partner.
“We will collaborate with UnionBank to identify FinTechs that can create relevant payment programs to reach out to the underserved segments and leverage on the untapped opportunities for digital payments in the country,” said Dan Wolbert, country manager for the Philippines, Visa, BackendNews reported on Monday (Aug. 30).
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Wolbert added that the collaboration with UnionBank is intended to help “create relevant payment solutions” by engaging with the country’s “vibrant FinTech community.” One of the main goals of the partnership is to enable money transfers that are both easy and secure.
The collaboration between Visa and UnionBank is also intended to offer FinTechs the same technology and opportunities “as they would if they were a direct card issuer with Visa.”
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Visa is launching its FinTech Fast Track program to a wider range of companies and opening its network to support firms in more locations worldwide as part of the company’s global strategy. It is looking to be an advocate for the latest startups that are working to bring about innovative commerce capabilities.
Ana A. Delgado, UnionBank’s chief customer experience officer, chief digital channels officer and head of the FinTech Business Group, said that joining Visa’s program will help FinTechs in the Philippines take advantage of the bank’s “EON product to provide Visa cards.” In addition, FinTechs can integrate the EON API with their existing digital tools.
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“This is in line with our aim to digitally enable UnionBank customers through our partnerships with industry leaders and our own innovative banking solutions,” Delgado said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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