UBX, a pioneering open finance platform, and AllBank, a digitalized thrift bank, have joined forces to revolutionize the role of small and medium businesses, or SMBs, by transforming them into thriving finance hubs within their communities.

Through this strategic agreement, the two financial technology pioneers will launch CashBux, a cutting-edge cash transaction management solution tailored specifically for SMBs.

CashBux will provide SMBs with the tools and infrastructure needed to offer a range of financial services, including cash withdrawals, card payments, bill payments, and bank transfers, through a dedicated point-of-sale service tool.

Through CashBux, SMBs will not only unlock new revenue streams, but they will also become pivotal financial hubs in their respective communities—driving financial inclusion and economic growth at the grassroots level.

Following its successful pilot in Luzon, Visayas, and Mindanao, CashBux is set to be available in 82 provinces and 1,634 cities and municipalities across the Philippines.

CashBux is designed to be intuitive and user-friendly, ensuring that it can be seamlessly integrated into the existing operations of SMBs like sari-sari stores.

"We are excited to leverage our unique technological expertise to offer groundbreaking services that will empower SMBs to become finance hubs and centers of economic activity in their communities,” UBX President and CEO John Januszczak said on Wednesday.

For AllBank President and Executive Director Jesus Vicente O. Garcia, the partnership aligns with the company’s mission to “make banking more accessible and inclusive.”

“Through this partnership, we are not just offering financial services but also bringing a new era of convenience and empowerment to remote areas in the Philippines,” Garcia added.

Additionally, UBX and AllBank are breaking new ground by combining Cash Withdrawal and Card Present Payment Solutions into a single terminal, marking a major milestone in the financial industry.

The approach simplifies financial transactions and represents a pivotal moment in the advancement of financial services.

UBX is an Open Finance Platform and driver of digital transformation. It enables businesses, governments, and other communities by embedding financial services into digital experiences.

Meanwhile, AllBank allows businesses to simplify and enhance their finances through customer-centric solutions. It currently has 2300+ QRPh Terminals and 100+ Merchants all over the country.

To date, AllBank already has 14 digital banking products and services, with thousands of individual and business users across the country.