Union Bank has partnered up with University of Moratuwa and the National Innovation Agency and the National Innovation Agency to support the National Entrepreneurship Development Programme (NEDP). A new Memorandum of Understanding (MoU) was signed at Taj Samudra Hotel recently.
This programme is aimed at empowering Small and Medium Entrepreneurs and youth aspiring to become entrepreneurs across Sri Lanka. The above mentioned initiative aligns with Union Bank School of Social Entrepreneurship (UBSSE) ‘s vision to develop, support and promote social entrepreneurs while providing essential access to finance.
Speaking at the occasion, Union Bank Chairman Nirvana Choudary memorized his past experiences of implementing an entrepreneurship development programme in the rural areas of Nepal. This strategic partnership draws inspiration from NabilSSE initiative, a renowned entrepreneurship development program spearheaded by Nabil Bank, Nepal’s largest private commercial bank of the CG Corp Global Group, the major shareholder of Union Bank.
The UBSSE program represents a significant step towards enhancing Sri Lanka’s entrepreneurial ecosystem and creating opportunities for aspiring entrepreneurs to achieve their goals.
Apart from the MOU signing event, an Upgraded Version of the Union Bank’s “UBgo” mobile app was launched prior to wrapping up the occasion. The Bank expects to focus more on working with Artificial Intelligence (AI) technology. Union Bank Vice President and Head of Alternate Channels and Digital Banking Manisha Fernando discussed the new features, including customization and security enhancements, which simplify payments for consumers. Also he mentioned the integration of account opening capabilities and advanced payment options, such as digital accounts and cash tokenization which is expected to be completed by the end of the year.
Additionally, Fernando shared that the ultimate goal of the UBgo app is to improve banking services by incorporating artificial intelligence (AI), eliminating the need for customers to wait in line or arrange in-person meetings for services like loan acquisition.
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