MANILA, Philippines — The open finance arm of Union Bank of the Philippines has gained a foreign investor a year after the Aboitiz-led firm decided to keep control of the platform in hopes of long-term growth in the digital space.
UBX said in a statement on Friday that Japan-based financial services conglomerate SBI Holdings Inc. had acquired a minority stake in the company. In a separate statement posted on its website, SBI said it now owned 16.67 percent of UBX, whose services include developing lending and payment platforms, as well as e-wallets.
Open finance allows the sharing of financial data—with the consent of customers—among banks and other financial institutions to help develop financial solutions. This is seen to enable consumers to have better control of their financial data and allow them to make financial decisions suited to their needs.