UBX PHILIPPINES Corp. has established an office in Singapore to help companies there that are looking to enter the local market.

The fintech arm of UnionBank of the Philippines, Inc., which began operating in 2018, said setting up its second office in Singapore is the “natural move” given the city-state’s position in the fintech industry.

“We aim to support companies who would like to enter the Philippine market through strategic partnerships leveraging both UBX’s technological expertise and open finance footprint in the Philippines,” UBX President and Chief Executive Officer John Januszczak said in a statement.

The firm said it has appointed Cyrus Cruz as UBX Singapore country head to oversee its operations there. He is also concurrently the venture lead for Assured, the embedded insurance platform of UBX.

“We are thrilled to further extend our presence in the region, starting with Singapore — known as the main regional fintech hub of upcoming startups and great talents in Asia,” Mr. Cruz said.

UnionBank, the parent firm of UBX, saw its net earnings increase by 57% to P3.586 billion in the second quarter from P2.287 billion a year earlier. With this, its net income for the first half of the year climbed 94% to P8.315 billion from P4.503 billion in the same period of 2020.

The Aboitiz-led lender’s shares closed at P85.60 on Wednesday, up by 65 centavos or by 0.77%. — LWTN