The Philippine’s Union Bank recently made a groundbreaking stride as the first and solely licensed bank in the country to function as a virtual asset service provider, a validation received from the Bangko Sentral ng Pilipinas. Akin to Philippine Digital Asset Exchange, Maya, and Coins.ph, this financial institution, led by the Aboitiz, has effectively joined the league of licensed virtual asset service providers.
Historically, Union Bank’s recent accomplishment marks its pioneer entrance into this novel sector, reinforcing the bank’s commitment to digital transformation and setting the stage for more innovative opportunities. According to UnionBank’s President and CEO, Edwin Bautista, this achievement attests tothe bank’s determination to revolutionize Philippines’ banking landscape in a quest to redefine the way customers interact with banks.
Coupled with this exciting news is the introduction of a novel feature in Union Bank’s online mobile application. Beyond traditional banking management, this digital platform is the gateway for trading cryptocurrencies on a mobile platform. Strategically planned for this year’s fourth quarter, users will be able to directly buy and sell Bitcoins via the mobile app.
Cathy Casas, heading the emerging technology division at UnionBank, noted the rapid evolution of the financial landscape. With digital transformation continuously reshaping the banking industry’s structure, Casas affirmed the bank’s readiness and dedication to fulfilling the changinger needs of consumers. She elucidated that the pursuit of the license wasn’t merely a push for staying in the game, but a foresighted attempt at future-proofing UnionBank.
Since UnionBank went live with its flagship platform, Harmonize, in November 2022, it has offered a pilot program for crypto custody and trading services for select retail customers. The services initially included popular cryptocurrencies like Bitcoin and Ether.
In retrospect, UnionBank had already demonstrated its innovative drive as far back as 2019. It launched the first two-way virtual currency ATM in the country, strategically positioned in its digital branch – The ARK – in Makati City. The move not only increased the accessibility of cryptocurrency trading but also acknowledged the evolving digital trend in the financial world.
In summary, UnionBank’s leap into the digital assets marketplace does come with its set of potential risks, but it provides a unique opportunity to shape a future-ready banking structure.
Source: Cryptonews
