The Union Bank of the Philippines, known as UnionBank, continues its exploration of Web3 and decides to launch a cryptocurrency exchange service. This would be directly available from its mobile application. With this decision, the bank is no exception to the behavior of its peers in that the country’s banking institutions are almost all extremely favorable to cryptocurrencies. This is because they are aware that these are subjects of the future, requiring innovation, in particular if they want to capture the new needs of their customers. At the same time, authorities including the government have made a real – positive – change of course over the past year.
Initially, the authorities were rather wary because of the risks – but especially the unknown? This time is now over. In the space of a year, the Philippines has carried out a reversal in their policy. Indeed, the government first authorized the creation of a kind of Silicon Valley with the aim of creating an area “reference for blockchain, digital currency and fintech. »
Banking institutions also seem to be seizing this opportunity to renew themselves. In addition to the Central Bank – an entity often fearful of its mission, although that of the Philippines expressly recognizes the potential of the sector – local banks are gradually offering services related to cryptocurrencies. It should be noted, however, that their central bank does not hesitate to issue the necessary operating licenses – including UnionBank recently.
UnionBank in favor of cryptocurrencies
Regarding the Union Bank, it was the first in the country to install cryptocurrency ATMs in town. As early as January, it published a program intended to facilitate the exchange of these assets.
In this context, it wishes to develop its offer. Reason why she decides to add a new feature on her mobile application that supports the exchange of cryptocurrencies. A first for the establishment (and more generally for the Philippines), which managed to see the opportunity that this could represent.
“Not only does this help us make the bank more future-ready, but we are also able to meet the needs of our customers who use cryptocurrencies. »
Henry AquadaSenior Executive Vice President, Chief Technology and Operations Officer.
UnionBank adds functionality to exchange cryptocurrencies
The new functionality of the bank’s mobile application will allow the exchange of cryptocurrencies. Which means it is not no longer necessary to own a wallet external to buy and sell cryptocurrencies. At this time, the extent of the range of available assets is unknown. Apart from Bitcoin (BTC), already announced.
Initially, the service will be available to some randomly pre-selected banking app users. Secondly, it should be deployed to as many people as possible.
This initiative is not surprising insofar as it announced in January that it was working on a program intended to facilitate the exchange of cryptocurrencies.
With this decision, it aims to become the “the first universal bank in the country to facilitate the exchange of cryptocurrencies in its mobile application. » According to her, Blockchain is “a technology that will power the future of banking. She is also a forerunner in the issue of bonds thanks to the Blockchain.
“At the same time, we also recognize that cryptocurrency has been one of the services many customers are already looking for, especially the younger generation, and this demand has been accelerated by the pandemic. »
Cathy Casas, Head of Digital Asset Markets, Blockchain and Programming.
In addition, it is currently developing its own metaverse and has entered into a partnership with the Art of Dreams non-fungible token (NFTs) game.