UBX’s SeekCap among Phl’s top 7 fintech startups for 2020

Union Bank of the Philippines’ fintech unit UBX’s lending arm SeekCap was named as one of the top fintech firms in the country.

SeekCap, the lending marketplace of Union Bank of the Philippines (UnionBank)’s fintech arm UBX, has been cited as among top 7 fintech startups in the Philippines by  Startup Genome’s Global Startup Ecosystem Report.

This recognition comes barely six months after SeekCap was launched in November last year. SeekCap targets to cater to the underserved micro, small and medium enterprises (MSMES) who make up the backbone of the Philippine economy.

In partnership with Ping An’s associate firm OneConnect Financial Technology, SeekCap aims to shorten the turnaround time in loan application.

According to Startup Genome’s Global Startup Ecosystem Report, fintech companies now compose 15% of Manila’s startups.

SeekCap, being one of them, has made significant strides and is seen to perform even better in the coming months, the report said. Most recently, SeekCap partnered with e-commerce giant Lazada to help more MSMEs get access to financing. To date, over 6,000 MSMEs have signed up, with a 300% increase in loan applications posted during the first quarter.

Read the original article by The Tribune here.

UBX, Lazada team up on SME lending program

UBX, the fintech arm of UnionBank of the Philippines, has teamed up with e-commerce platform Lazada to offer credit lifeline to micro, small and medium enterprises (MSMEs) grappling with the coronavirus (COVID-19) pandemic.

UBX, through its lending marketplace, SeekCap, aims to help more MSMEs – such as vendors operating on Lazada’s platform – get access to financing.

To date, over 6,000 MSMEs have signed up on the lending marketplace, with a 300 percent increase in loans application posted during the first quarter, UBX announced.

In a statement, UBX said it’s “committed to assist MSMEs survive and get back on their feet after the pandemic,” adding that SeekCap would be a “vital instrument towards the achievement of this objective.”

SeekCap allows MSMEs to apply using a purely digital platform. They can complete their application and get updates on their approval remotely. There is no need to submit physical documents and appear at a bank to get approved.

This platform also seeks to allow MSMEs to apply for a loan product tailored to their needs, including financing for their inventory, payroll needs, expenses payables, and similar activities.

Loan applications through SeekCap can be initially approved the same day, which means that the documents submitted are still subject to review, and only until then will the disbursement take place. Currently, SeekCap offers business loans from P50,000 to P800,000 with a 2 to 3 percent monthly interest.

SeekCap continues to bring additional lenders to the platform. Progressive Bank, UnionBank and EON SME Credit Card are among the lenders to date.

For the original article from Inquirer.net, visit this link.

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