UnionDigital Bank Partners with Thinking Machines to Power its Digital Banking Platform | Techy Kings


MANILA, Philippines–(BUSINESS WIRE)–UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced its partnership 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 rapidly 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 partner with UnionDigital Bank – a leader and pioneer in the region and an exciting and high-potential initiative from Union Bank of the Philippines. With our technology, we hope to see this new digital bank grow and gain market share,” said Nick Wilde , MD for Asia Pacific, Thought Machine.

“We put innovation at the heart of everything we do at UnionDigital Bank. It was natural to partner with Thinking Machines, as they share the same passion for driving significant transformation through the power of the latest technology,” said Arvie de Vera, Co-Founder, President , & Chief Executive Officer, UnionDigital Bank.

UnionDigital Bank’s mission is to empower the nation’s digital economy by making digital banking safe and accessible to all. The partnership with Thought Machine accelerates this vision, making it a step forward in achieving Tech’d Up Philippines.

“Think 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 very excited about this future and the limitless possibilities it offers us. Thinking Machines is helping us pull this path even further, by building a powerful digital bank in record time that will serve the world while empowering underserved communities to access the financial services they deserve,” added Franken.

The UnionDigital Bank app is now live for a limited group of customers, available by invitation only. Future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitterand Facebook.

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About UnionDigital Bank

UnionDigital Bank is a Bangko Sentral ng Pilipinas (BSP) licensed digital bank, a wholly owned subsidiary of UnionBank of the Philippines. It enables Philippine communities, businesses and regulators to leverage FinTech, Blockchain and Open Finance technologies to achieve inclusive prosperity.

UnionDigital Bank is poised to pave the way for the future of finance and democratize access to digital banking and virtual assets, empowering the lives of Filipinos. Learn more at www.uniondigitalbank.io.

About Thinking Machines

Thought Machine has developed the foundation of modern banking with its cloud-native core banking and payment technology. Its cloud-native core banking engine, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve and many more.

The Vault platform was written from the ground up as a fully cloud-native system and gives banks full control to build any product they need to grow in a rapidly changing world.

Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney and Melbourne and has raised more than $500 million in funding.

For more information, visit thoughtmachine.net


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