UnionBank of the Philippines rolls out pilot for easier retirement account opening

Users can now open PERA accounts using their bank or e-wallet data.

UnionBank of the Philippines has gone live with the Open Finance for PERA (OFxPERA) pilot, an initiative led by the Bangko Sentral ng Pilipinas) enabling easier opening of retirement accounts.

Users can now open PERA accounts via participating apps— including that of UnionBank— using consent-based sharing of their bank or e-wallet data. This eliminates the need for manual forms or physical ID verification, the bank said in a press release.

The OFxPERA Pilot aims to enhance the Personal Equity and Retirement Account (PERA) framework by leveraging open finance principles, enabling more seamless and transparent access to retirement planning tools.

UnionBank said that it will integrate learnings from the OFxPERA Pilot to its online app, with the goal of providing users a more convenient access to digital financial tools.