ASIA UNITED Bank Corp. (AUB) is planning to add new features to its e-wallet HelloMoney as it plans to grow its customer base and capture a larger share of the local market.
“To continue growing our e-wallet market share, we will embark on more innovations in the coming years such as offering microinsurance, digital savings solutions, in addition to further widening our global reach and acceptance network. We are also introducing more enhancements in user experience, and simplifying HelloMoney’s features,” AUB President Manuel A. Gomez said in a speech at HelloMoney’s relaunch on Tuesday.
HelloMoney’s customer base stood at six million as of end-September. The e-wallet was first offered in 2019.
In the coming years, the bank plans to offer microinsurance through partners in its e-wallet app, it said. It is also looking to introduce digital savings with features such as smart savings, goal-based saving, and automated savings options.
AUB plans to widen its reach by expanding its existing partnership with Alipay+ and offering “more competitive” cross-border rates. The bank in 2022 partnered with Alipay+ to enable cross-border mobile payments via its e-wallet, letting users transact using HelloMoney at Alipay+ merchants in Japan, South Korea, Malaysia, Hong Kong, and Singapore.
It likewise aims to further widen its acceptance network.
The bank will also simplify HelloMoney’s features to improve user experience, it added.
“We aim to make mobile banking easier and help more merchants grow their business globally by bringing HelloMoney closer to more users,” Mr. Gomez said.
AUB on Tuesday also announced its partnership with the Parañaque Integrated Terminal Exchange to digitize public transportation payments.
“We know we are still far off from the dominant e-wallet players in the local market, but we will relentlessly eye for bigger market share to reach more unbanked and underserved Filipinos. Beyond the numbers, we aim to build a reputation for our constant innovation, expanded global reach, and enhanced user experience, in line with our steadfast mission to make financial services truly accessible to every Filipino,” Mr. Gomez said.
AUB’s net income jumped by 71.44% to P3.35 billion in the third quarter amid higher revenues. This brought its nine-month performance to P8.78 billion, up by 40.97% from a year ago.
Shares in AUB rose by 50 centavos or 0.8% to end at P63 apiece on Tuesday. — A.M.C. Sy