One of the biggest universal banks in the Philippines, The Union Bank of the Philippines, or simply UnionBank, said on Nov. 2 that it has begun a pilot program for Bitcoin custody and trading services for a small group of retail clients.
UnionBank went online on Harmonize, a digital asset platform developed by Metaco, a Swiss crypto technology company, as part of the debut of their new investment and trading feature. In January 2022, UnionBank and Metaco formed their first joint venture for the ideation, creation & development of crypto trading services.
UnionBank In Crypto Since 2019
UnionBank, which is authorized and governed by Bangko Sentral ng Pilipinas (BSP), the Philippine government’s central bank, has been actively investigating the cryptocurrency market recently. A stablecoin that was geared towards payments and pegged to the Philippine peso was first introduced by UnionBank in 2019.
In order for UnionBank to achieve its goal of offering “customer-centric” services in the Philippines, Henry Aguda, chief technology officer & chief transformation officer had Metaco to thank, due to its featureful & robust architecture. He further stated that UnionBank is one of the nation’s first regulated cryptocurrency adopters, saying:
“We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange features for clients.”
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Accolades From The President
The announcement came right after Ferdinand Marcos, the president of the Philippines, stressed the significance of embracing blockchain technology to utilize it in digital banking and digital commerce.
Marcos in an official speech on September 2022, mentioned UnionBank’s numerous achievements by stating:
“The track record of UnionBank in creating opportunities through innovation and digital solutions in the banking sector is uncontested.”
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