UnionBank unit tapped as tech provider for electric minibus program

MANILA, Philippines  -The open finance unit of Aboitiz-led Union Bank of the Philippines was tapped as technology provider for the new blockchain-enabled electric minibus service of Global Electric Transport (GET) Philippines.

Global Electric Transport’s Alamat Digitized Membership allows the public to “subscribe to the electric bus service and at the same time help deploy more electric mass transport vehicles in the Philippines.”

“This partnership is proof that the fintech and blockchain innovation have the power to bring positive impact in several industries while simultaneously supporting sustainable initiatives through technology,” UBX president and CEO John Januszczak said in a statement on Monday.

The Alamat project allows owners to support the manufacture of the Coment fully electric minibuses in the country. The project will be formally launched in the second quarter of 2023.

“Beyond simply buying, owning and earning a digital asset, Alamat owners contribute to the country’s shared goal of providing safer, convenient, and more environmentally friendly alternatives to current modes of public transport,” GET president Freddie Tinga said in the same statement.

“With this partnership, we also hope to give commuters a better ride and drivers better working conditions,” he added.

The Alamat project’s blockchain technology features also allows owners to earn rewards and “gamified returns” from the operations of the Comet electric vehicles apart from perks and benefits, including discounts.

The Comet is currently being used by many corporations for their fleet shuttle needs, UBX said.

“Part of our mission of financial inclusivity is to improve the quality of life of Filipinos across the archipelago. Collaborating with GET Philippines is one step to achieving this goal because beyond providing the opportunity to be a member, we are empowering them to directly contribute to and get rewarded from the transformation of public transportation and sustainability at the same time,” Januszczak said.