Philippines’ Union Bank Opens Fintech HQ in Singapore

Union Bank’s fintech subsidiary UBX is extending the boundaries of its operations in Singapore as part of a broader plan to grow its reach in Asia. 

UBX operates as an independent financial technology operation and fund of Union Bank. The fintech now believes that a new Singapore headquarters will serve as a connector between startups and the Philippine market.

The arm of the business in Singapore will be led by country head Cryus Cruz, who joined UBX almost half a year ago after over three years at Tokio Marine Insurance Group, where he served as regional manager of digital strategy and its innovation lab. He also brings with him a wealth of experience from stints at Chubb, Axa, AIG, and J.P. Morgan.

UBX pointed to the increasing number of startups and Singapore’s rich fintech talent pool as some of the justifications for its launch in the city-state. It also pointed to the increasing popularity of fintech firms and particularly of UBX with consumers fueled by the pandemic.

“UBX has strategically set up an office here to contribute to, and benefit from the established ecosystem. This will not only expand our network, but it’ll also help us learn from different companies in the country,” Cruz said.