UnionBank targets MSMEs with new app

MANILA - UnionBank launched a new app on Tuesday that targets medium, small and microenterprises who need loans.

The Aboitiz-led commercial bank said its UnionBank SME banking app will allow small business owners to open their own checking account online, without needing to fill out forms or visits a branch.

The SME app also lets business owners apply for a loan, manage their inventory and their respective teams, gain more knowledge about the local landscape, as well as expand their network all in one place, UnionBank said.

"The app also helps SMEs manage all their financial operations with just a few clicks," the bank said.

Unionbank said it has 175,000 MSMEs using its banking products and online platforms.

Unionbank President Edwin Bautista said they aiming "for 1 million SME customers in the next 5 years."

"It is an ambitious number, but we believe it is doable to help tech up the Philippines,” Bautista said.

MSMEs are one of the most badly affected sectors by the COVID-19 pandemic.

- With a report from Warren de Guzman, ABS-CBN News

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