UnionDigital Bank will be using core banking engine, Vault Core. Credit: Pete Linforth from Pixabay.

UnionDigital Bank, the digital arm of Union Bank of the Philippines, has selected technology provider Thought Machine to power its banking platform.

The collaboration will see UnionDigital Bank use Thought Machine’s core banking engine, Vault Core.

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The banking technology vendor’s solution is claimed to have enabled UnionDigital Bank to build products quickly with the ability to integrate with other technology systems.

Vault Core is fully API-enabled and is claimed to provide UnionDigital Bank with an updated view of the ledger and customer positions.

UnionDigital Bank’s partnership with Thought Machine is part of its aim to support the Philippines’ digital economy by making digital banking accessible to all.

UnionDigital Bank chief transformation and technology officer Pieter Franken said: “ThoughtMachine’s next-generation core banking platform, Vault Core, is a key differentiator for UnionDigital Bank and enables a great foundation for the future of financial services.

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“At UnionDigital Bank, we are extremely excited with this future and its limitless possibilities it offers us. Thought Machine helped us draw this path further, by building a powerful digital bank in world record time that will serve and at the same time empower underserved communities to access financial services that they deserve.”

Thought Machine MD for Asia Pacific Nick Wilde said: “We are delighted to be working with UnionDigital Bank – a leader and pioneer in the region and an exciting, high-potential initiative from the Union Bank of Philippines. With our technology, we look forward to seeing this new digital bank blossom and gain market share.”

Earlier this year, UnionBank of the Philippines acquired Citigroup’s consumer banking operations in the country valued at PHP45.3bn ($817.12m).