Union Bank of the Philippines through its fintech subsidiary UBX has become the Monetary Authority of Singapore’s first Philippine partner for the MAS Business Sans Borders (BSB) project, by way of a memorandum of understanding.
BSB is an open connector of participating small and medium enterprises-centric platforms developed by MAS and the Infocomm Media Development Authority of Singapore.
By connecting separate platforms, BSB helps SMEs access a much larger combined ecosystem of buyers, sellers, logistics service providers, financing and digital solution providers. BSB uses Artificial Intelligence (AI) to enable SMEs to access and discover fair prices in a larger global marketplace, and easily utilise digital and financial solutions.
Through this partnership, UBX’s SME platform Sentro will be integrated into BSB. This will create more growth and expansion opportunities for Philippine SMEs through the member partners of the system.
Sentro is a comprehensive marketplace of products and solutions curated for Philippine SMEs to help them grow their businesses and empower them to go digital.
SMEs from Singapore and other countries participating in the BSB, which are seeking business opportunities in the Philippines, can access tools and services offered on Sentro such as an SME website builder, B2B Marketplace, logistics support, and financing thus enabling SMEs to digitize essential business functions.
“In everything we do, whether it is the Singapore Fintech Festival or the BSB, we have one common partner and that is Union Bank of the Philippines,” said Sopnendu Mohanty, MAS chief fintech officer.
