Union Bank’s fintech subsidiary UBX is expanding its operations in Singapore as it eyes growth in Asia.
UBX, the financial technology venture studio and fund of Union Bank, hopes its Singapore headquarters will be a bridge for startups to enter the Philippine market, according to an announcement on Tuesday.
Operations will be led by Singapore country head Cryus Cruz, who joined UBX five months ago after over three years at Tokio Marine Insurance Group, where he was regional manager of digital strategy and its innovation lab. He also brings experience from stints at Chubb, Axa, AIG and J.P. Morgan.
UBX cited the wealth of start-ups and deep fintech talent pool as among the reasons why it is launching in the city-state. It also noted the rapid rise of fintech in financial transactions, and the «significant growth» UBX ventures are experiencing, fueled by the coronavirus 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, it’ll also help us learn from different companies in the country, Cruz said.
UBX previously partnered with the Monetary Authority of Singapore in its Business Sans Borders (BSB) project.