UnionDigital Bank, the banking subsidiary of Union Bank of the Philippines, has partnered with cloud-native banking tech firm Thought Machine and has deployed its core banking engine, Vault Core. Thought Machine’s next-gen core tech has enabled UnionDigital Bank to build its products while offering flexibility, control, and ease of integration with other tech systems.
What does Thought Machine bring to the partnership?
Vault Core’s product-building framework has been vital for UnionDigital to build, modify, and launch innovative 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.
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 accelerates this vision, making it one step ahead in achieving a Tech’d Up Philippines.
Commenting on the partnership, Nick Wilde, Managing Director for APAC, Thought Machine said, “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.”
What does the partnership mean for UnionDigital?
Commenting on the partnership, Arvie de Vera, Co-founder, President, & Chief Executive Officer, UnionDigital Bank, said, “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 tech.”
“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,” Franken further commented.
The UnionDigital Bank app is now live for a limited set of customers, available by invitation only. Updates will be available through social media on LinkedIn, Twitter, and Facebook.
