President Marcos Inaugurates UnionBank Innovation Hub. UnionBank Innovation Hub has been praised by President Marcos as a place where companies can experiment and collaborate. According to Marcos, the campus will provide subject matter experts on digital transformation and create a startup ecosystem. In addition, GLS, the bank’s technology arm, will be able to provide startups with subject matter expertise on digital transformation and entrepreneurship. The innovation hub will also serve as a venue for the first InnovFest, an annual innovation festival that takes place in the campus.
Marcos praises UnionBank’s Innovation Hub
The first step in the establishment of a digital bank in the Philippines is obtaining a Certificate of Authority (COA). The COA is the green light for digital banks to begin full operations. Recently, UnionBank launched a cryptocurrency trading service, making it the first Philippine universal bank to offer the service. This move is part of the bank’s commitment to provide the best customer experience. The bank has also launched a Blockchain Center of Excellence, a technology center focused on cutting-edge blockchain applications. This is also in line with the government’s digitalization agenda.
The Innovation Hub is located on a one-hectare property in San Pedro, Laguna. It will be the first of its kind for the local banking industry, and it is expected to open its doors next year. The groundbreaking ceremony will be attended by Mayor Art Mercado and UnionBank Director Samel Aboitiz. The groundbreaking event is a joint effort of the Bank’s Blockchain and API Business Groups and the Transaction Banking Center.
The Innovation Hub is one of the key initiatives of the Department of Trade and Industry. In addition to establishing the Innovation Campus, the DTI has signed an MOU with the bank to implement its digital transformation program. This aims to transform the country’s economy into a competitive and inclusive digital economy.
GLS will provide subject matter experts for digital transformation
UnionBank’s new Innovation Hub, called the GlobalLinker, will offer its SMEs a digital platform powered by artificial intelligence (AI). The GlobalLinker, which is free to use, will help SMEs find and connect with one another, thereby enabling a more connected Philippines. The Hub is also expected to provide the banks with the tools needed to increase the speed of response to consumer needs and foster financial inclusion.
The Department of Trade and Industry (DTI) and UnionBank signed an agreement to strengthen their collaboration in digital transformation. The partnership is expected to help the two organizations set up an Industry 4.0 Pilot Factory and Center for Artificial Intelligence Research. These projects will boost AI’s role in the Philippine economy.
People are an integral part of any organization. Their mindsets and knowledge determine the quality of output. As such, the best organizations have the best people at all levels. This is why UnionBank is investing in its people. This investment grows in line with business needs. The bank also offers its employees career development opportunities.
Startup ecosystem will be facilitated by campus
The opening of UnionBank’s Innovation Hub campus in San Pedro, Laguna, marks another milestone for the bank. It is the first of its kind in local banking. The innovation hub will be situated on a one-hectare property. It is expected to be completed by next year. In addition to Marcos, City Mayor Art Mercado and UnionBank Director Samel Aboitiz will be at the groundbreaking event. The campus is also home to the company’s fintech arm, UnionBank Digital.
The UBIC campus will feature a five-story smart building that will house the Asian Institute for Digital Transformation. The UBIC campus will serve as a research and development technology hub, a launching pad for game-changing solutions. President Ferdinand Marcos Jr. was present during the signing of the Memorandum of Understanding (MOU). The campus will also house the Asian Institute for Digital Transformation, a CSR initiative of UBP and GLS.
The campus will also house two AI-related initiatives, the Centre for Artificial Intelligence Research (CAIR) and the Center for Artificial Intelligence (CAIR). Both organizations will work together to support the establishment and expansion of a robust startup ecosystem.
Metaverse is a 3D iteration of the internet
The metaverse is a shared, collective virtual space created by the convergence of virtual worlds, augmented reality, and the Internet. The term “metaverse” is a portmanteau of “meta” and “universe.” It refers to the future iteration of the Internet, comprised of persistent 3D virtual spaces linked together into a unified, perceived virtual universe. It is expected to give users more control over their digital worlds and allow them to accumulate in-game assets with non-fungible tokens.
The metaverse is a computer-generated world in which users can engage in social and business interactions. It is similar to the virtual worlds that were created in the 70s and 80s. While the idea of a virtual world was exciting at the time, it didn’t quite live up to expectations. Nevertheless, it is expected to become a $800 billion industry by 2024.
While there’s no single gateway to the metaverse, there is hardware available for anyone to access the platform. Hardware can range from the $10 Google Cardboard to the $300 Oculus Quest 2 headset. Using these devices, users can experience augmented reality games, social events, and immersive learning. Moreover, businesses can leverage the technology and interact with digital humans for business purposes. Users can also trade and create assets in the metaverse.
While the metaverse is a fantastic idea, it also has some significant concerns. It could lead to user addiction and problematic use of social media and virtual games. Such behaviors may lead to serious health risks, such as obesity and cardiovascular disease.
UnionBank is setting up shop in the 3D iteration of the internet
UnionBank has begun implementing blockchain into its processes, becoming the first local bank to do so. The bank also aims to create a hub for high-tech startups to set up shop. It has created the UnionBank Innovation Campus, which is inspired by Apple’s circular “Mothership” in Cupertino, Calif. Its Innovation Center includes a patent wall where tech companies can display patent registrations.
Union Bank’s Real Time Internet Banking system allows customers to access their accounts 24 hours a day without leaving their homes. It also helps them eliminate the hassle of writing checks. They also have a mobile banking app for Android and iPhone users. This app allows users to view their account balances, pay bills, and transfer funds between accounts. This app is free and available to all Internet Banking customers. Furthermore, users can sign up for an electronic statement, which is sent via email.
UnionBank will offer cryptocurrency trading
The bank will start by testing the new feature on a small group of customers, and then begin a full rollout if everything goes well. The bank’s executives said they’re experimenting with NFTs and cryptocurrencies to be future-ready. They also want to provide the services users want.
UnionBank recognizes the potential of blockchain technology in the future of banking. It also recognizes the increasing demand for cryptocurrency, especially among the younger generation. The pandemic has only heightened that demand. As a result, the bank plans to add the trading service to its online banking platform. This move will help the bank stay ahead of the cryptocurrency curve.
UnionBank will offer cryptocurrency exchange services to its customers and also provide custodial services for cryptocurrencies. The bank is using technology from IBM and Metaco to create a platform to securely store, manage, and exchange cryptocurrencies. This means that customers will no longer need to use a third-party wallet.
The bank will also offer mobile banking services for cryptocurrency traders. This will be similar to the services offered by State Bank of India. Users will be able to buy and sell Bitcoins through the Unionbank app. With these new services, the bank hopes to help more Filipinos invest in digital assets. It’s expected that the average Filipino will have 3% to 5% of their assets in digital assets in five years, compared to 1% to 2% today. The bank’s decision to offer the services is a result of customer demand, which accelerated during the COVID-19 pandemic.