UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, has partnered with cloud-native banking technology company Thought Machine and has deployed its core banking engine, Vault Core.
Thought Machine’s next-generation core technology has enabled UnionDigital Bank to swiftly build its products while offering flexibility, control, and ease of integration with other technology systems.
Vault Core’s unique product-building framework has been instrumental for UnionDigital to build, modify, and launch innovative new products. Vault Core is fully API-enabled and operates in real-time, allowing UnionDigital Bank to have an up-to-date, accurate view of customer and ledger positions.
“We are delighted to be working with UnionDigital Bank – a leader and pioneer in the region and an exciting, high-potential initiative from the Union Bank of Philippines. With our technology, we look forward to seeing this new digital bank blossom and gain market share,” said Nick Wilde, MD for Asia Pacific, Thought Machine.
Arvie de Vera, co-founder, president & CEO at UnionDigital Bank, added: “We put innovation at the heart of everything we do at UnionDigital Bank.
“It made sense to partner with Thought Machine, as they share the same passion for driving significant transformation through the power of state-of-the-art technology.”
UnionDigital Bank’s mission is to empower the country’s digital economy by making digital banking safe and accessible to all. The partnership with Thought Machine – which featured on our FinTech 50 ranking – accelerates this vision.
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“Thought Machine’s next-generation core banking platform, Vault Core, is a key differentiator for UnionDigital Bank and enables a great foundation for the future of financial services,” said Pieter Franken, chief transformation and technology officer, UnionDigital Bank.
“At UnionDigital Bank, we are extremely excited with this future and its limitless possibilities it offers us. Thought Machine helped us draw this path further, by building a powerful digital bank in world record time that will serve and at the same time empower underserved communities to access financial services that they deserve.”
The UnionDigital Bank app is now live for a limited set of customers, available by invitation only.