Reflections from UnionDigital Innovation Festival
Here at 1Kosmos, It’s been an action-packed September full of events, analyst mentions, awards and more. One of these exciting events was an Innovation Festival in the Philippines hosted by our customer, UnionDigital. The three day festival event with the theme “The Future of Banking is with U” showcases digital innovations of Union Bank and its subsidiaries in both the government and the private sectors. Union Bank hosted the event exhibiting along with its official partners. 1Kosmos, being one of the official partners, was invited to the event to hold workshops with key stakeholders and participate in the fireside chat titled, “Is identity proofing the key to financial crime prevention?”
From the moment the team arrived in the Philippines, we were amazed by the hospitality of the UnionDigital team. Even though it was the first day of the event and the UnionDigital team had just moved into their new HQ, the dynamic and visionary CEO of UnionDigital, Arvie de Vera, came to meet with us during one of the workshops and to ensure that we were doing well. Our experience was very similar across the board with other folks at the event and outside. We are thankful to the entire UnionDigital and Aboitiz group for their warm welcome during our stay in the Philippines!
As the event took place over the next several days, our team quickly gained valuable insights. First, it was clear that everyone has a very progressive mindset. They are eager to adopt new technologies to stay ahead of the market. As a progressive digital identity company, our team was pleased to connect with these like minded individuals.
One of Union Bank’s progressive offerings is their digital initiative which offers Banking as a Service. Through their partnership with 1Kosmos, digital identity is set to become a key security component driving this initiative. In fact, through various panel discussions, it was evident that Digital Identity has become a focal point that will play a crucial role in mitigating fraud, increasing efficiency and offering a better user experience. Improved digital identity capabilities will also help UnionDigital move toward Zero Trust while reducing the risk of cybercrimes such as ransomware.
The Philippines is amongst the fastest growing economies and is slated to become a trillion dollar economy by the end of this decade. With UnionDigital and Aboitiz group looking to capitalize on this growth opportunity, they seem to be committed to continue making significant investments in its digital infrastructure. And we, at 1Kosmos, are very excited to be part of the journey as a trusted partner.
