Nexplay, a Singapore-based but Filipino-led e-sports and video game content provider, and UnionDigital Bank, the digital bank entity of UnionBank, have signed an exclusive partnership that aims to give convenient access to digital banking services to Filipino gamers.
During a press briefing Wednesday, July 28, UnionDigital Bank co-founder and CEO Arvie De Vera said that while they would still conduct the normal KYC (know-your-customer) procedure and seek the minimum requirements prescribed by the Bangko Sentral ng Pilipinas when opening digital bank accounts, the collaboration with would also open up other digital banking services to local gamers.
In 2019, 43 million Filipino gamers spent a total of $572 million on games, four-fifths engaged with in-game microtransactions such as buying power-ups and game cosmetics. The following year, revenue generated by the online gaming industry sat at $24 million.
As cashless payment methods grow in prominence due in part to the pandemic, UnionDigital Bank said sees an opportunity to empower Filipino gamers by providing more accessible financial solutions not limited to traditional deposit accounts and debit cards.
“Nexplay opens opportunities for us to engage our country’s digital natives in platforms they are quite familiar with: games. This is particularly important if you consider the rise of play-to-earn gaming and content streaming in the Philippines,” De Vera said.
Nexplay has announced it is scaling its business in the Philippines. After reporting a 150% year-on-year revenue growth early this year, it is gearing up to develop its own Web3 IP in the digital gaming space. The gaming brand brings a 250 million-strong built community of video game enthusiasts, young professional e-sports athletes, over 400 high profile content creators and a portfolio of more than 200 big brands and clients.
“For Nexplay, our mission has always been helping gamers succeed. Working with UnionDigital Bank will help crystallize this combined vision of making financial services more accessible to our massive gaming community, our fans, our teams and our talents to enrich their digital experience. Together, we are committed to encourage greater financial inclusion within the rapidly growing gaming community in the Philippines, especially the next-generation gamers.” shared Gabriel Paulo Benito, co-founder and CEO of Nexplay.
