UnionDigital Bank Partners with Thought Machine to Power its Digital Banking Platform

News provided by Thought Machine
November 02, 2022 17:15 Korea Standard Time

MANILA, PHILIPPINES--(Business Wire / Korea Newswire) November 02, 2022 -- UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announces 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 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.

"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,” said Arvie de Vera, Co-founder, President, & CEO, UnionDigital Bank.

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.

“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,” added Franken.

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

About UnionDigital Bank

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

UnionDigital Bank is primed to pave the way for the future of finance and for the democratization of access to digital banking and virtual assets, empowering the lives of Filipino communities. Learn more at https://uniondigitalbank.io/

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments 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 more.

The Vault platform has been written from scratch as an entirely cloud-native system and gives banks full control to build any product required to flourish 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 $500m in funding.

For more information, visit thoughtmachine.net

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Website: https://thoughtmachine.net/

Contact

Thought Machine
Asif Faruque
Head of Communications

This is a news release distributed by Korea Newswire on behalf of this company.