The Union Financial institution of the Philippines, or just UnionBank — one of many largest common banks within the Philippines — has launched a pilot program for Bitcoin (BTC) and Ether (ETH) custody and buying and selling companies for choose retail clients, the agency stated in a joint announcement on Nov. 2.
The brand new funding and buying and selling function launched in collaboration with Swiss crypto expertise agency Metaco, with UnionBank going dwell on Metaco’s digital asset platform Harmonize. UnionBank initially partnered with Metaco for the event of crypto buying and selling companies in January 2022.
Licensed and supervised by the Philippines’ central financial institution, Bangko Sentral ng Pilipinas (BSP), UnionBank has been actively exploring the crypto business lately. In 2019, UnionBank launched a payments-focused stablecoin pegged to the Philippine peso.
Henry Aguda, chief expertise officer and chief transformation officer at UnionBank, stated that Metaco has been essential within the financial institution’s aim to offer “customer-centric” companies within the Philippines. He additionally famous that UnionBank is among the many early regulated adopters of crypto within the nation, stating:
“We’re proud to proceed UnionBank’s collection of business firsts, this time being the primary regulated financial institution within the nation permitting digital forex change options for purchasers.”
The information comes shortly after Philippine President Ferdinand Marcos highlighted the significance of adopting blockchain expertise to grasp digital banking and digital transactions.
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In an official presidential speech revealed in September 2022, Marcos referred to a number of associated milestones by UnionBank, stating:
“The observe file of UnionBank in creating alternatives by innovation and digital options within the banking sector is uncontested.”
Beforehand, BSP additionally warned the general public in opposition to utilizing non-local crypto buying and selling platforms, stressing that coping with international digital asset service suppliers poses challenges in implementing shopper safety. As of August, there have been 19 registered VASPs within the Philippines.
