UnionBank Philippines Invest in Crypto Blockchain

One of the major banks in the Philippines teams up with ConsenSys to integrate Ethereum and blockchain-based platforms.

20:06 28 May 2018

UnionBank, one of the biggest banks in the Philippines, has teamed up with ConsenSys, a US-based blockchain software technology, to assist local financial institutions in integrating Ethereum and blockchain-based platforms.

 

The Philippines is one of the countries in Southeast Asia with a remittance-focused industry. A huge chunk of its population is working abroad and sending money to their loved ones back home on a regular basis. The vast majority of individuals in the country heavily rely on remittance networks and outlets, such as LBC, Cebuana Lhuillier, Palawan Express and M Lhuillier. In many cities outside the capital, remittance outlets are seen on every corner of every street.

 

Thus, any technology that could provide transparency, security, robustness and efficiency in processing transaction is highly sought after. This is where the partnership between ConsenSys and UnionBank comes in. The technology is hoped to drastically improve the current financial infrastructure and ecosystem in the country.

 

Justo Ortiz, the chairman of UnionBank, said that the blockchain could “crack the hole of financial inclusivity,” if implemented and commercialised appropriately.

 

Alai Garcia, ConsenSys Solutions Lead in Asia Pacific, said: “Our appetite for experimentation is warming the country up for significant transformational change for the next generations to come.”