Good day everyone,

I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. In this post I will be looking at the recent license given to Union Bank in the Philippines, allowing them to offer crypto trading services. 

Philippine’s Union Bank

The nation of the Philippines has seen Union Bank become its first and only bank to receive a license from the Bangko Sentral ng Pilipinas (BSP). This license means the bank will be allowed to operate as a virtual service provider (VASP) as it has a ‘Certificate of Authority’ from the central bank. While there are other VASP license holders within the nation, including financial institutions such as the Philippine Digital Asset Exchange, Maya and Coins.ph, this is the first and only universal bank in the Philippines to offer virtual asset exchange services.

The Aboitiz-led bank announced the news on the 19th of September 2023, and it is now set to gradually roll out a new feature which will allow its customers to directly buy and sell cryptocurrencies such as bitcoin through it mobile app. This is expected to be implemented by the fourth quarter of this year. This will allow them to manage traditional banking and digital assets in a single mobile platform which will revolutionize the banking landscape. 

Edwin Bautista, resident and chief executive of Union Bank noted:

“By obtaining this license, we are not only paving the way for even more ground-breaking opportunities but also enhancing our digital capabilities and further transforming the way our customers interact with us.”

Previously, the virtual asset exchange services were only accessible only to randomly selected users of the app through a limited virtual asset license, but now all users will be able to benefit from the services. Cathy Casas, head of the emerging technology division at Union Bank, noted that the ever changing financial landscape has been evolving at an unprecedented rate. She went on to add the bank is committed and equipped to meet the evolving needs of consumers, noting:

“In this era where change is constant, our pursuit of this license isn’t just about staying current, but about being future-proof and future-ready.”

The new feature will provide a convenient and secure platform for users to trade their cryptocurrencies through a well-established and trusted financial institution, while allowing the banking clients to manage both traditional banking and digital assets seamlessly. 

Back in November 2022 the flagship platform Harmonize saw Union Bank go live with a pilot program for crypto custody and trading services. These services included both Bitcoin and Ether. Back in 2019 the bank launched the nations first two-way virtual currency ATM located in its digital branch. This was located at its digital branch, known as The ARK, which is located in Makati City.

Dennis Omila, chief technology and operations officer, noted the bank’s commitment to its clients is the driving force behind their innovation.

“Through these new services, we are empowering them to be able to navigate this new space with confidence.”

Have a great day.

Peace. CryptoGod-1.

Referral Links and Follow Me:

Linktree