Union Bank of the Philippines (UnionBank) announced today that the company is the first partner in the Philippines to join Visa’s FinTech Fast Track program as a BIN sponsor. This means that UnionBank can work with Fintechs to help them gain access to the same global payment technology, expertise, and revenue opportunities as they would if they were a direct card issuer with Visa. Partnering with UnionBank also provides Fintechs the solutions and expertise they need to launch their programs with speed and efficiency.
“At Visa, we are focused on engaging and building strategic partnerships with FinTechs through our existing programs. We’re extremely pleased to have UnionBank join us as the first Visa Fintech Fast Track program partner and BIN sponsor in the Philippines. We will collaborate with UnionBank to identify Fintechs that can create relevant payment programs to reach out to the underserved segments and leverage on the untapped opportunities for digital payments in the country. This will enable us to create relevant payment solutions to enable the movement of funds seamlessly and securely and engage the vibrant Fintech community in the Philippines,” said Dan Wolbert, Visa Country Manager for the Philippines.
"Through our partnership with Visa and their Fintech Fast Track Program, Fintechs in the Philippines can leverage on UnionBank's EON product to provide Visa cards to their base and make use of EON APIs to integrate this with their platforms and apps," said Ana A. Delgado, UnionBank Chief Customer Experience Officer, Chief Digital Channels Officer, and Fintech Business Group Head. "This is in line with our aim to digitally enable UnionBank customers through our partnerships with industry leaders and our own innovative banking solutions."
The Visa Fintech Fast Track program is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences. It provides a new commercial framework that includes eased access to Visa’s payment capabilities and streamlined processes to support companies of different sizes and at different growth phases.