Union Bank of the Philippines (UnionBank) has agreed to collaborate with Germany-based financial services provider Wirecard, to enhance digital banking services for corporate customers in the southeast Asian country.
The new partnership has been formed to provide businesses with a wider range of banking and finance services that could in turn give a boost to the country’s economy.
Wirecard will leverage solutions within UnionBank’s banking ecosystem
Under the new collaboration, Wirecard will leverage solutions within UnionBank’s banking ecosystem, including business banking, electronic fund transfer, and checkwriter in the Philippines.
The banking solutions will enable Wirecard to disburse funds easily and securely to suppliers and vendors, and settle payments to merchants across Philippines through checks and wire transfer.
Wirecard Philippines general manager Martha Borja said: “As a global innovation leader in digital financial technology, we are committed to providing innovative solutions and services for cashless payments.
“We are delighted to collaborate with UnionBank, who not only shares the same vision as us to promote financial inclusion in the country, but is also at the forefront of digital transformation in the Philippines, embracing technological innovations to empower customers.
“Through our cooperation with UnionBank, we can provide our customers with secure and reliable banking facilities that meet their needs.”
Wirecard is one of the world’s major digital platforms in the area of financial commerce. The German company operates regulated financial institutions in several key markets apart from holding issuing and acquiring licenses from all major payment and card networks.
In September last year, Wirecard had signed a MoU with UnionPay, a Chinese financial services corporation to form a global strategic partnership.
The partnership is expected to support UnionPay’s ongoing international expansion and Wirecard’s expansion in China with Chinese businesses.
