BSP gives UnionBank first VASP license
Drawing upon the insights gained from the virtual asset ecosystem, the bank can discover additional applications for blockchain technology that extend beyond virtual assets
Unveiling the full Virtual Asset Service Provider license from the Bangko Sentral ng Pilipinas are (from left) UnionBank chief financial officer Manuel Lozano, UnionDigital Bank CEO and president Henry Aguda, UnionBank president and CEO Edwin Bautista, UnionBank emerging technology group head Catherine Anne Casas, UnionBank vice chairman Justo Ortiz, UnionBank chief technology and operations officer Dennis Omila, UnionBank treasurer and head of global markets Johnson Sia and UnionBank chief cross-sell officer Antonio Sebastian Corro. | Photograph courtesy of UnionBank
Innovation trailblazer universal bank Union Bank of the Philippines, or UnionBank, recently achieved another first in the industry after securing a Certificate of Authority from the Bangko Sentral ng Pilipinas, or BSP, to operate as a virtual asset service provider.
UnionBank, thus, is the first in the Philippines to offer virtual asset exchange services.
UnionBank marked the landmark achievement during the ceremonial presentation of the license to UnionBankers last 27 September at UnionBank Plaza in Pasig City.
With the VASP license, UnionBank will be at the forefront of technological advancements in digital finance.
The adoption of blockchain technology has been integral to UnionBank's strategy, and the bank has been actively exploring potential use cases, including cryptocurrencies, to adapt to evolving customer needs and financial trends.
In 2019, it launched the country's first bank-operated, two-way virtual currency ATM located in its digital branch "The ARK" in Makati City, which allows users to buy and sell cryptocurrencies.
Drawing upon the insights gained from the virtual asset ecosystem, the bank can discover additional applications for blockchain technology that extend beyond virtual assets.
The service offers new financing tools such as tokenized collaterals, tokenized deposits, and the implementation of tokenization in trade finance and supply chain financing.
Blockchain technology has the potential to revolutionize customary banking processes that improves efficiency, transparency and accessibility.
"This is a testament to the pioneering effort of the (emerging technology) team and the spirit of innovation by UnionBank," UnionDigital Bank president and CEO Henry Aguda said during the ceremony.
"Strategically, this will pay off in the next coming years especially when a lot of investors are going into blockchain and tokenization."
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