Union Bank of the Philippines (UnionBank) and VA Biz Solutions, Inc. formalized a partnership for the latter’s “Simple Retirement Philippines” program. The collaboration between the two simplifies the processing of financial documentation requirements of Japanese nationals applying for the Philippines’ Special Resident Retiree’s Visa (SRRV), shortening the visa processing period from around 30 days to just 1 week.
“By enabling VA Biz Solutions through streamlined KYC and account opening processes, retirement visa application is made more efficient for Japanese nationals,” said UnionBank Senior Vice President and Fintech Group Head Arvie de Vera. “This allows VA Biz Solutions, Inc. to meet the needs of its customers and give them a more seamless and convenient customer experience as they move to the Philippines for retirement.”
VA Biz Solutions is a consulting agency that provides program implementation solutions using emerging technology to tap new markets globally. A key service of the company is assisting Japanese citizens with their SRRV applications with the Philippine Retirement Authority (PRA).
Foreign nationals usually spend 30 days upon arrival in the Philippines to complete their SRRV requirements which are submitted to the PRA. This includes a bank certification showing a minimum of Php1 Million in time deposit as proof of their capacity to retire in the country.
Through the partnership, UnionBank and VA Biz Solutions expedite the process for a Certificate of Time Deposit (CTD) issuance by allowing preparatory work, including preliminary Know-Your-Customer (KYC) procedures, to be completed before the scheduled arrival of Japanese nationals in the country. This cuts the processing period to around one week and only requires the applicant to physically appear at the bank to claim their CTD and submit it as part of the SRRV requirements to the PRA.
“We believe that UnionBank, with its strong focus on service and its commitment to a better customer experience using technology, is the ideal banking partner to introduce to our future retiree residents in the Philippines,” said Franco Varona, Managing Director of VA Biz Solutions. “We are excited to offer UnionBank Time Deposit Accounts to our wide market of SRRV applicants in Japan and all over the world.”
By lessening the burden for foreign nationals in processing the required financial documentation, they can use the rest of their limited stay in the country to focus on processing other SRRV application requirements and have more time to get settled in the Philippines.
VA Biz Solutions’ Japanese consultants also shared their messages of support on the partnership. “We are excited to use the services of Unionbank. This is a very famous Philippine bank, and we know we can trust their services,” says Takahiro Inoue, Simple Retirement’s Japan Marketing Consultant. Katsumi Matsubayashi, another of Simple Retirement’s Japanese marketing consultant adds, “Knowing that Unionbank will help our retiree visa applicants open their accounts in the Philippines is very reassuring to the Japanese.”
A recently held digital signing event marked the partnership and was attended by VA Biz Solutions Managing Director Franco Varona, UnionBank Executive Vice President and Retail Banking Center Head Joyce Gonzalez, UnionBank Senior Vice President and Fintech Group Head Arvie de Vera, UnionBank First Vice President and Sales Director Jose Maria Roxas, UnionBank Vice President, UnionBank AVP and Business manager Ortigas Center Region Maria Paz Galang and Fintech Group Sales and Business Development Head Erika Dizon, and Senior Manager Angelica Enriquez.