Tokyo-based financial services conglomerate SBI HoldingsInc. has acquired a minority stake in UBX, a proponent of digital transformation in the Philippines.
This allows both parties to collaborate in developing more impactful digital transformation initiatives tailored to enterprises' needs.
UBX will leverage the new capital to expand its footprint and develop advanced financial and digital transformation solutions tailored to meet the increasing demand for digital services in the Philippines.
"We see immense potential in the Philippine market, one of the fastest-growing economies in the region. Our investment in UBX reflects our belief and confidence in UnionBank's innovative approach to digital transformation," SBI Holdings President Yoshitaka Kitao said.
"The investment of SBI Holdingsin UBX will allow us to combine local expertise and digital transformation capabilities with SBI's vast experience in digital finance to develop more impactful and scalable solutions for the Philippine market," UBX president & CEO
John Januszczak said.
"The SBI partnership will drive new and exciting financial technology innovation for inclusivity and nation-building," global chief technology officer Mario Domingo said.
The partnership between UBX and SBI Holdings will also foster a robust exchange of knowledge and expertise, strengthening UBX's position as a digital transformation leader while opening new opportunities for SBI Holdings to explore more business opportunities in the burgeoning Philippine market.
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