Now that we have Grab Delivery and Transportify to do same day shipping within the Metro, the clamor for big haul delivery on the same day has intensified and UnionBank and ShipTek has heeded the call.
Union Bank of the Philippines (UnionBank), via its subsidiary UBX, and Shiptek Solutions Corp., developer of pioneering on-demand shipping and logistics platform called XLOG, recently inked an agreement formalizing their strategic partnership.
The alliance between the two forward-looking companies was cemented by their shared vision of leveraging digital technology to drive innovations that create dynamic and value-laden customer experiences and accelerate growth in their respective industries.
With this alliance, the UnionBank Group effectively holds a 30% stake in Shiptek and will be integrating its e-commerce payment gateway and other digital financial services into the XLOG logistics platform. Coupled with UBX’s expertise in technology development and blockchain, this will further power XLOG’s end-to-end supply chain solution that consolidates shipping, warehousing, trucking, and customs brokerage.
Having been in the logistics industry for 26 years, Shiptek Solutions Corp. president Jun Ynion said that the industry is ripe for digitization.
XLOG’s digital infrastructure sets a launchpad for the country’s logistics industry to take a leap from the complex and error-prone analog practices of moving goods, bringing it to a higher level of efficiency, connectivity, visibility and optimisation. Injecting UnionBank’s financial mettle into the platform endows greater benefits for stakeholders, allowing them to enjoy more streamlined, transparent, and seamless transactions. The companies are also hopeful that XLOG’s disruptive technology will contribute to establishing the Philippines as a recognized hub for technological innovation.
For Ynion, the relationship with Unionbank is more personal as he recalls the start of entrepreneurial journey two decades ago.
“UnionBank was the only bank that approved my credit card application when I had nothing. I was in so much debt and they gave me a chance to fulfill my dream of starting my business,” he said.
Now working together, UnionBank, UBX and Shiptek Solutions can tap into each other’s expertise and customer network from SMEs to large-scale corporations. UnionBank will also be significantly involved in Shiptek’s daily operations, holding two out of five seats in the company’s Board of Directors.
Shiptek Solutions projects that UnionBank’s investment will help the company reach its aspiration of moving 500,000 - 1,000,000 twenty-foot equivalent units (TEU). They have already generated over thousands of TEUs to date, since their launch in 2018.
More possibilities open up as Shiptek, UnionBank and UBX bring into existence a new ecosystem where logistics and financial services naturally fuse together, creating value-laden experiences and conveniences for stakeholders.
For more information, log on to https://xlog.com.ph.
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