UNION BANK of the Philippines, Inc.’s (UnionBank) open finance platform UBX has partnered with MediCard Philippines, Inc. (MediCard) for payment collection, it said on Tuesday.
Under the partnership, MediCard will use UBX’s end-to-end payment gateway BUx and the transact-now-pay-later solution Splix to provide members with flexible payment options, UBX said in a statement.
MediCard members will be able to pay for their coverage via online banking, credit or debit cards, e-wallets, and over-the-counter channels. BUx has a network of over 50,000 touchpoints, including pawnshops, department stores, and rural banks.
Meanwhile, Splix will let members pay through an insure now, pay later mechanism, allowing them to manage their finances better, UBX said.
The partnership aims to make acquiring health coverage products more convenient and enhance customer experience, it added.
“Our collaboration with MediCard represents a significant milestone in our journey of including everyone into the financial landscape. By leveraging each of our strengths — UBX’s innovative open finance solutions and MediCard’s wide network of healthcare partners and affiliates — we are helping make healthcare more accessible and less intimidating to Filipinos,” UBX President John Januszczak said.
“Our strategic alliance with UBX allows us to accelerate our goal of bridging the healthcare gap in the Philippines. With UBX’s innovative digital solutions and our extensive HMO (Health Maintenance Organization) expertise, we are poised to make significant strides in making healthcare more accessible, convenient, and affordable for all Filipinos,” MediCard Chief Executive Officer Julian Mengual said.
UBX’s parent UnionBank’s attributable net income dropped by 43.84% year on year to P1.98 billion in the first quarter due to one-time integration costs related to its acquisition of Citigroup, Inc.’s consumer business in the Philippines.
Meanwhile, MediCard recorded a net loss of P235.93 million in the first quarter, data from the Insurance Commission showed. — AMCS
