UnionBank unveils ‘Patent Wall’

The Union Bank of the Philippines (UnionBank) has unveiled a "Patent Wall" highlighting the patent registrations issued by the Intellectual Property Office of the Philippines (IPOPHL) from May 2020 to present, a bank official said.

The wall features a total of 16 patent registrations, involving advanced and new technologies in the banking and financial services industry such as blockchain, artificial intelligence, and data analytics, just to name a few, which has been helping the Bank provide the best digital banking experience for its customers.

"This wall highlights the people behind our products and services, their ideas, and the continuous innovation of UnionBank. We credit the people behind these and their brilliant ideas that created significant impact and breakthroughs that allowed the transformation we are proud of today," UnionBank Chief Information Security Officer Joey Rufo said recently.

Trailblazing products

Some of UnionBank's trailblazing products, services, and facilities that utilize these technologies are the UnionBank Mobile App, The Portal, The Ark, AKIN, XLOG, Project i2i, PHX Stablecoin, Financial Supply Chain, and GC Blockchain.

"To us, this Wall is a reminder that we never stop, regardless of how far we think we have already reached," Rufo said.

He also said that in addition to the 16 patent registrations that are currently being featured, the Bank also has more than 40 patents still ongoing.

Innovation Campus

"But of course, with the bank's Innovation Campus, we won't stop at that number. We might need to extend or put up another Patent Wall filled with the product of the innovative minds of our people," he added.

Rufo was referring to the UnionBank Innovation Campus envisioned to be the leading research and technology hub in the country primarily designed to house various centers of innovation such as UnionDigital – UnionBank's digital banking arm – and the first ever Asian Institute of Digital Transformation (AIDT).

Meanwhile, Darwin Angeles, head of Intellectual Property at MOSVELDTT Law said that "today, it is our pride and honor to be part of this occasion to celebrate the success of UnionBank in securing its products and services and ensuring that they are fully insulated from infringement."

MOSVELDTT Law is UnionBank's official intellectual property partner.

"We are privileged to be the intellectual property partner of a company that is pioneering and passionate in technology and we look forward to our continuing collaboration of filling up this entire wall of more Certificates of Registrations from the Bureau of Patents, including the rest of the walls in this building," Angeles added.