Asia United Bank Corporation Bids to Become 'Digital Partner of Choice'

Asia United Bank (AUB) has progressed from being "the fastest-growing publicly listed universal bank" to becoming the "digital partner of choice" after successfully collaborating with some of the region's and world's largest digital payment networks. 

In his speech at the annual stockholders’ meeting of AUB held virtually on June 28, bank president Manuel A. Gomez said: “Over the years, the entire team at AUB has been forging ahead, working closely with digital partners, to drive shared success and create greater value for our customers and for the country. We have been consistently building our reputation as ‘Digital Partner of Choice’ by advocating for open collaboration and helping others share in our success.”
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He cited AUB's HelloMoney e-wallet and its all-in-one digital payment acceptance product, AUB PayMate, as having revolutionized cross-border digital payments with the help of regional digital payment networks such as Alipay+, Liquid Group, and Hana Bank of Korea's GLN International, to name a few.

Last March, AUB signed an agreement with GLN International, the global payment network subsidiary of Korean banking giant KEB Hana Bank, to facilitate cross-border quick response (QR) code payments, allowing Korean tourists to make QR payments to local merchants using mobile wallets issued in their home country.

In addition, AUB collaborated with Mastercard to establish a virtual card that provides Mocasa clients with access to Mastercard's online merchant acceptance network, allowing them to make payments to millions of merchants online seamlessly and securely.

“Through these digital partnerships, we have been enabling all types of merchants to accept digital payments from their customers. This boosts our tourism, retail, food and beverage, and attractions in the Philippines, and ultimately, our domestic economy. These digital payment enablers choose to partner with AUB first because of our impressive track record in this space,” he added.

To remain a credible and attractive digital partner, Mr. Gomez said the bank “must focus on making our IT infrastructure more robust and reliable, build up platform capabilities, invest more in our people’s skills training, and promote greater collaboration for innovation.”

“With our stronger performance in 2023, we expect to solidify our lead among the country’s top ten listed universal banks in terms of compounded annual growth rate (CAGR) on key indicators since AUB was listed on the bourse in 2013,” said Mr. Gomez. “However, with interest rates expected to remain elevated this year, and global shocks a continuing concern, we have to remain agile to sustain our performance.”

AUB and its four subsidiaries posted a consolidated net income of P8.3 billion in 2023, a 32% increase from the previous year’s P6.3 billion and the highest in its 26-year history. This translates to a return on equity (ROE) of 18.6% and a return on assets (ROA) of 2.38% — both record highs since the bank had its initial public offering (IPO) in 2013. The ROE and ROA rose from the previous year’s 16.1% and 1.9%, respectively.

“At AUB, we believe milestones are not meant to be reached, but to be surpassed. In the past years, we have been doing just that. We have been solidifying our lead among the country’s top ten listed universal banks in terms of compounded annual growth rate (CAGR) on key indicators since AUB became a publicly listed universal bank in 2013,” Mr. Gomez said.

As banks are starting to use artificial intelligence (AI) models to deliver delightful customer experiences, he said, “it's clear that digitalization, AI, and collaboration are the path forward.” 

​Chairman Jonathan Ng also announced that the bank’s board of directors has approved the declaration of cash dividends amounting to P2.33 per share to be paid in two tranches. In 2023, AUB declared a 50% stock dividend and paid out cash dividends of P2.33 per share (P2 pre stock dividend and P0.33 post stock dividend) in three tranches.