MANILA - UnionBank on Wednesday held the groundbreaking ceremony for its Innovation Campus in San Pedro, Laguna.
The lender said it is the first campus of its kind in the Philippines pegged as an innovation hub which will be a place for face-to-face learning and collaboration, as well as a facility for virtual learning programs, it said during the virtual event.
The 1-hectare initial phase of the development will house a P600 million building, the first among its facilities, UnionBank said.
UnionBank said it would experiment on various activities in the campus including topics such as activated devices, internet-of-things applications, blockchain, artificial intelligence, and data science and analytics.
It will also be utilized in upskilling programs for its own workforce, and as a facility for its education programs including its Data Science and Artificial Intelligence Institute, and its Blockchain Institute.
The bank is among the country's institutions that have invested heavily on digitalization even before the pandemic. It has launched virtual reality features and state-of-the-art branches.
Trainers and educators will include in-house facilitators, as well as experts and resource persons from around the world, including Silicon Valley.
The UnionBank Innovation Campus is expected to open by mid-2022.
“We need to harness our talent and skills to build back better and rise from adversity,” Bangko Sentral ng Pilipinas Governor Benjamin Diokno said during the event.
Central Bank Data showed electronic payments through the PESO Net and Instapay facilities rose 348 percent in volume and 170 percent in value year-on-year in February.
A Quick Response Code or QR CODE pilot run for person-to-merchants meanwhile was launched just last month, while the overall adoption of QR tech has also improved.
Diokno earlier said the BSP is pushing for a “digital” post-pandemic economy.