Singapore-based, Filipino-led e-sports firm Nexplay, together with UnionBank, has teamed up to give Filipino gamers access to digital banking services.
The digital banking services will be provided by UnionDigital Bank, the digital bank entity of UnionBank. As per CEO Arvie De Vera, they are still in the process of conducting the standard know-your-customer (KYC) procedure to obtain the minimum requirements asked by the Bangko Sentral ng Pilipinas when creating digital bank accounts.
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As per the data, 43 million Filipino gamers in 2019 spent a whopping total amount of USD572 million (around Php31.6 billion). Four-fifths of that number were apparently engaged in in-game microtransactions, which include the purchase of game skins, power-ups, and more.
UnionDigital Bank saw an opportunity after cashless payment methods grew in adaption in the country due to the pandemic. The goal is to provide more accessible financial solutions that are not limited to traditional deposit and debit cards.
With Nexplay, De Vera said that they are given the opportunity to reach and engage with “the country’s digital natives in platforms they are quite familiar with: games.”
Meanwhile, Nexplay CEO Gabriel Paulo Benito expressed that their mission “has always been helping gamers succeed,” and working with UnionDigital Bank will help them with that, especially in giving players better access to financial services.