UBX, a leading open finance platform, has partnered with AllBank, a digitalized thrift bank, to transform small and medium businesses (SMBs) into key financial hubs within their communities.
This strategic partnership will see the launch of CashBux, an innovative cash transaction management solution tailored specifically for SMBs. CashBux equips these businesses with the necessary tools and infrastructure to provide a variety of financial services, such as cash withdrawals, card payments, bill payments, and bank transfers, all through a dedicated point-of-sale service tool.
By using CashBux, SMBs will not only open up new revenue streams but also become essential financial centers in their communities, driving both financial inclusion and economic growth at the grassroots level.
After a successful pilot in Luzon, Visayas, and Mindanao, CashBux is poised to expand across 82 provinces and 1,634 cities and municipalities throughout the Philippines. Designed to be intuitive and user-friendly, CashBux can seamlessly integrate into the daily operations of SMBs, including local sari-sari stores.
“We are thrilled to leverage our technological expertise to offer groundbreaking services that empower SMBs to become financial hubs and economic centers in their communities,” said UBX President and CEO John Januszczak.
AllBank President and Executive Director Jesus Vicente O. Garcia added, “This partnership aligns perfectly with our mission to make banking more accessible and inclusive. We are not just offering financial services but also bringing a new era of convenience and empowerment to remote areas in the Philippines.”
Additionally, UBX and AllBank are setting a new industry standard by combining Cash Withdrawal and Card Present Payment Solutions into a single terminal, simplifying financial transactions and marking a significant milestone in the advancement of financial services.
UBX is at the forefront of digital transformation, embedding financial services into digital experiences for businesses, governments, and other communities. AllBank, with its customer-centric solutions, enhances business finances and currently operates over 2,300 QRPh Terminals and serves more than 100 merchants nationwide. AllBank offers 14 digital banking products and services, catering to thousands of individual and business users across the country.
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