The Unveiling of a New Innovation
Words by Danica Tria
The New Channel is greatly honored to have witnessed another revolutionary milestone as UnionBank recently launched the country’s first Open Finance Innovation Hub at the UnionBank Innovation Campus in San Pedro, Laguna.
The Open Innovation Program emphasizes the importance of collaboration and co-commercialization within the start-ups and with various stakeholders to further strengthen the entrepreneurial spirit and accelerate the innovation [start-up] ecosystem’s progress towards nation building. This is the country’s FIRST bank-led Open Innovation Platform, and it is intended to help start-up enterprises grow and expand through the early-to-mid phases of their journey, from scaling to funding.
Attended by the best in the industry of incubators, start-up companies and investor groups, the grand launch started with a tour of the cutting-edge UnionBank Innovation Campus in San Pedro, Laguna.
After the tour, an inspiring introductory remarks by Erika Dizon-Go, Head of UnionBank’s Fintech Business Group, Open Finance, and Digital Services Center of Excellence, officially welcomed the guests and set the mood of the event. It was then followed by an engaging presentation and Q&A session introducing the Open Finance Innovation Hub.
Phase 1 of the Open Finance Innovation Hub consists a collaborative learning environment where stakeholders can thrive with new ideas, acquire broader resources, and develop deeper connections that can ultimately lead to high impact human-economic development, the grand launch seeks to demonstrate how stakeholders can help and prepare start-up, incubators, and venture capitalists to grow in a hypercompetitive market.
Phase 2 is the creation of a platform wherein various stakeholders can participate in collaboration by sharing knowledge and resources such as data, business models and work flows. This platform can even give stakeholders the ability to publish and solve problem statements. The open-source platform is an avenue for collaboration of stakeholders and a tool to accelerate innovation.
Throughout the event, a jam-packed lineup of activities, pocket meetings and networking sessions likewise provided guests the perfect avenue to meet with like-minded partners and other organizations in the finance industry.
In a more connected world, open innovation offers opportunities to reduce research costs, spread risks and bring innovations to market more quickly.
Overcoming the barriers to adopting open innovation is essential for companies that seek to stay competitive and relevant in today’s rapidly changing business environment. Embracing open innovation can lead to new ideas, improved products, and increased market share.
UnionBank continues to innovate and evolve despite the difficult and challenging journey that has resulted from a string of unfortunate events in the past years, enhancing the startup ecosystem and empowering founders and entrepreneurs to achieve remarkable milestones and discover the potential of their businesses through top-notch digital solutions.
It enables companies to tap into a broader pool of knowledge, skills, and resources, and encourages collaboration among stakeholders.
By adopting open innovation, companies can unlock new opportunities for growth, innovation, and ultimately, success. Overcoming the challenges of open innovation requires a willingness to embrace change, a commitment to continuous learning and improvement, and a willingness to collaborate with partners, suppliers, customers, and even competitors
This grand launch is proof that the finance sector is definitely back on track, and The New Channel is delighted to have contributed to this achievement in driving innovation and evolution in the finance industry.
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