UnionBank builds Innovation Campus to Boost Digital Capabilities
By: Elah Mae Ariate
May 29, 2021
The UnionBank of the Philippines staged a successful virtual groundbreaking ceremony for its innovation campus on May 26.
UnionBank is a real estate development that will help the company’s innovative efforts. The first business facility will serve as a research and development center. It will improve the Bank’s digital capabilities according to Business world.
The site will be home to UnionBank’s multiple innovation labs. This comprises its Data Science and Artificial Intelligence institutes, Blockchain, and EON, its digital bank. Also, the Asian Institute of Digital Transformation (AIDT), which was recently created in Singapore in collaboration with Global Learning Solutions.
The campus, according to Union Bank President and CEO Edwin Bautista, is “a dream come true and a tribute to Management and the Board’s dedication to innovation as a significant strategic drive.”
Creating the Future of Banking
This is a significant milestone for them, and it demonstrates that even in these trying circumstances, firms are willing to invest in the Philippines’ future. The Philippine government, or one of its Secretaries, has stated that the Philippines has the potential to become a significant AI center, possibly in Asia.
“We can surely make this tiny corner in San Pedro, Laguna, the epicenter of AI, Blockchain, and all of the fantastic technologies that this Bank is leveraging to create the future of banking,” Bautista added.
Eugenio Ynion, the President of Yngen Holdings, was also present at the event. Yngen Holdings, a long-time UnionBank collaborator, has helped co-create several solutions that take advantage of the Bank’s expertise in digital banking. Ynion noted in his statement that the Campus demonstrates UnionBank’s digital leadership and ongoing commitment to Filipino talent.
“This institution will serve as a nursery for developing new talent. New products are being developed, as well as new ways to compete in the new economy. It is a watershed moment in the Philippines’ inexorable march toward comprehensive digitization, according to Sec. Dominguez.
“UnionBank has a well-deserved reputation. The Bank has also shown to be a trusted partner for the Social Security Administration and the Treasury Department.
Despite the pandemic, Filipinos from all over the world were able to participate in the government’s bond sales. The Bank has assisted President Duterte’s goal of financial inclusion and a decent standard of living for all Filipinos.