UnionBank was reportedly planning to launch cryptocurrency trading.
UNIONBANK — The Union Bank of the Philippines was planning to launch cryptocurrency trading and custodial services as more Filipinos turned to digital currencies for transactions and investments.
UnionBank revealed the details to a Bloomberg report last Thursday, hedging their bets that the average Filipino will likely turn 3% to 5% of one’s personal assets to digital in 5 years if capital markets prove “stable”.
UnionBank’s head of blockchain and application programming interface group Cathy Casas told Bloomberg that the bank’s custodial services for digital assets will also cover tokenized bonds.
READ ALSO: Visa Launches Global Crypto Advisory Service For Merchants, Financial Institutions
The Aboitiz-led bank will use systems developed by Switzerland-based METACO in order to manage its digital assets platform.
METACO said in a statement that UnionBank will employ IBM Cloud services in order to maximize the “confidential computing capabilities” of IBM integrated with METACO’s systems.
According to METACO vice president for Customer Success and managing director for Asia Pacific Patrick Enjalbal, with the recent launch of their APAC headquarters in Singapore, they can ensure that they continue to offer best-in-class services to UnionBank and to other customers and partners in the region.
Philstar reported that there were similar trading platforms in the Philippines, such as PDAX, which was regulated by the BSP (Bangko Sentral ng Pilipinas), that allowed trading of cryptocurrencies using Philippine pesos.
Earlier, the central bank reminded the public to be wary of cryptocurrencies as regulators continued to assess the risks from such investments.
Meanwhile, Visa announced last month that it launched a global crypto advisory service for merchants and financial institutions as the adoption of digital currencies gained steam.
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