Union Bank of the Philippines (UnionBank) has disclosed the decision of its Board of Directors to consolidate the development of digital platforms and embedded finance capabilities of its fintech subsidiary, UBX, directly within the Bank, subject to the receipt of all necessary regulatory approvals and compliance with applicable regulatory requirements.

UBX was established in 2018 to explore new business models and accelerate innovation at a time when digital banking in the Philippines was still in its early stages. Over the years, UBX played a key role in building and testing open and embedded finance platforms, helping position UnionBank as a digital trailblazer in Philippine banking.

Today, both UnionBank and the broader financial ecosystem have evolved significantly. The Bank’s digital capabilities, operating model, and talent base have reached a level of maturity where these platforms can now be scaled more effectively within the core business. In parallel, the regulatory and industry landscape have become more supportive of digital and embedded finance models, allowing these innovations to be delivered directly through the Bank at scale.

“This is a natural evolution of our strategy,” said Ana A. Delgado, President and CEO of UnionBank. “UBX was created to give us the freedom to experiment, to move fast, and to build capabilities outside the constraints of a traditional bank. As we continued to innovate digitally, the Bank itself has developed the technology, talent, and operating model to deliver imbedded finance capabilities at scale. Additionally, with platform development and open finance capabilities housed within the Bank, innovation will be closer to customers and core businesses and resources and investments will be more efficiently deployed.”

Ana A. Delgado, President and CEO, UnionBank

This move is part of UnionBank’s broader strategy to sharpen focus on core capabilities and businesses and continue leading toward NextGen banking in the Philippines.