UBX Philippines Corp., the fintech venture arm of the Aboitiz family, said on Tuesday it partnered with global insurance company PGA Sompo Insurance Corp. to strengthen its customer protection mechanism through cyber insurance.
Under the deal, PGA Sompo will provide UBX with cyber insurance, in which UBX will serve as the principal policyholder for its end-users who are covered by the group insurance.
With the cyber insurance policy, customers are guaranteed financial protection against electronic fund transfer fraud, identity theft, online retail fraud, purchase protection, and other cybersecurity-related threats, according to UBX President and CEO John Januszczak.
“While the use of technology in finance has grown exponentially these past few years, threats to security have increased as well. The trust and confidence of our clients are two of our most prized assets and we are committed to ensuring the safety of our users, most especially their financial security. Together with PGA Sompo, we can confidently give them peace of mind in using our open finance platform,” he said.
The cyber insurance, which serves as an additional safety measure on top of the existing safety and security layers that UBX has deployed for its customers, covers all end users of UBX’s verticals.
UBX operates the following platforms: i2i, a banking-as-a-service platform of UBX; BUx, an end-to-end payment solutions platform; and Sentro, an online shop builder.
“More than just giving them the technology to enhance their operations, we want to make sure that businesses, organizations, and financial institutions are protected from external threats as they undertake their journey towards digital transformation,” UBX Business Lead for Insurtech Marc Gorospe said.
He added that it is “high time to add to the layers of security across all UBX platforms as the number of its clients and customers continue to grow, cementing its position as the preferred open finance platform in the Philippines.”
The Bangko Sentral ng Pilipinas has recently mandated banks and financial institutions to strengthen their policies on customer confidentiality and security.
“As advocates of financial inclusion, we are always on the lookout for like-minded individuals and institutions who are just as committed to putting the trust and confidence of their clients and customers above anything else to guarantee an equal and level playing field for all,” said Januszczak.