Union Bank of the Philippines (UnionBank) has once again solidified its reputation as a pioneering force in the banking industry, achieving a groundbreaking milestone by obtaining approval from the Bangko Sentral ng Pilipinas (BSP) to function as a virtual asset service provider (VASP). This progress makes UnionBank the first and exclusive universal bank in the Philippines authorized to offer virtual asset exchange services.
Armed with a full VASP license from the BSP, UnionBank is poised to broaden its range of services, integrating virtual asset exchange capabilities into its acclaimed UnionBank Online app. This innovation is scheduled for a phased rollout in the final quarter of 2023, providing UnionBank customers with a direct, user-friendly platform to buy and sell Bitcoin (BTC). This move offers convenience and ensures a secure trading environment backed by a well-established and trusted financial institution.
UnionBank’s foray into blockchain technology is a strategic component of its vision for future-proof operations. The bank has been proactively exploring various applications of this technology, including cryptocurrencies, to stay ahead of the curve and meet the evolving demands of its clientele. A testament to this commitment was the 2019 launch of the Philippines’ first bank-operated, two-way virtual currency ATM at its digital branch, “The ARK,” in Makati City, facilitating the purchase and sale of cryptocurrencies.
This latest development aligns with UnionBank’s “Tech-Up Pilipinas” initiative to elevate digital literacy across the Philippines, fostering financial inclusion and technological empowerment nationwide. UnionBank’s venture into mobile crypto trading significantly advances its service offerings. It underscores its dedication to innovation and its role as a catalyst for digital transformation in the Philippine banking sector.
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