UBX, AllBank develop cash transaction management solution for small businesses

Union Bank-led digital finance platform UBX and Villar Group’s AllBank have partnered to develop solutions aimed at transforming small and medium businesses (SMBs) into community “finance hubs.”

In a news release, UBX said it signed a strategic partnership agreement with AllBank to collaborate on developing and launching CashBux, a cash transaction management solution for SMBs.

Through CashBux, UBX said, SMBs will be able to offer financial services such as cash withdrawals, card payments, bill payments, and bank transfers through a dedicated point-of-sale service tool.

The tool could transform SMBs into “financial hubs” in their communities while allowing them to create new revenue streams, it said.

"The collaboration between UBX and AllBank marks a significant step towards financial innovation and inclusivity in the Philippines. We are excited to leverage our unique technological expertise to offer groundbreaking services that will empower SMBs to become finance hubs and centers of economic activity in their communities,” said UBX president and CEO John Januszczak.

CashBux is set to be available in 82 provinces and 1,634 cities and municipalities across the Philippines, according to UBX.

"Our collaboration with UBX Philippines aligns perfectly with our mission to make banking more accessible and inclusive. Through this partnership, we are not just offering financial services but also bringing a new era of convenience and empowerment to remote areas in the Philippines,” said AllBank president and executive director Jesus Vicente Garcia. — VBL, GMA Integrated News