Philippine’s Union Financial institution has turn out to be the primary and solely financial institution within the nation to obtain a license from the Bangko Sentral ng Pilipinas (BSP) to function as a digital asset service supplier (VASP).
The financial institution obtained a ‘Certificates of Authority’ from the central financial institution, marking it the primary within the Philippines to achieve the certification. Different VASP license holders embody monetary establishments such because the Philippine Digital Asset Change, Maya and Cash.ph.
The Aboitiz-led financial institution stated in an announcement that its on-line cellular software supplies a platform for customers to commerce cryptocurrencies in addition to handle conventional banking and digital belongings in a single cellular platform.
The transfer represents a major leap ahead for UnionBank, president and chief govt Edwin Bautista famous. The lender is looking for to revolutionize the banking panorama, a neighborhood media reported.
“By acquiring this license, we aren’t solely paving the best way for much more groundbreaking alternatives but in addition enhancing our digital capabilities and additional reworking the best way our clients work together with us.”
New Function Launched
UnionBank additionally introduced a brand new characteristic that may allow clients to straight purchase and promote Bitcoins (BTC) via its cellular app, which is about to launch by the fourth quarter of this yr.
Based on Cathy Casas, head of the rising expertise division at UnionBank, the monetary panorama is evolving at an “unprecedented tempo” and the financial institution is dedicated and geared up to fulfill the evolving wants of shoppers.
“On this period the place change is fixed, our pursuit of this license isn’t nearly staying present, however about being future-proof and future-ready.”
The UnionBank went reside on its flagship platform Harmonize in November 2022, for a pilot program for crypto custody and buying and selling companies to pick out retail clients, and initially included Bitcoin and Ether (ETH).
In 2019, the financial institution launched the nation’s first two-way digital forex ATM positioned in its digital department – The ARK – positioned in Makati Metropolis.