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BSP gives UnionBank first VASP license | Daily Tribune

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

DT·31 October 2023, 1:41 am·1 min read

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BSP gives UnionBank first VASP license — 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

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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."

Charting North Star

"With this license, we're ready to once again break molds, set trends, and rewrite the rules," UnionBank senior vice president and head of Emerging Technology Group Cathy Casas said.

"Innovation is about pushing boundaries, venturing into the unknown, courageously stepping into territories that are yet to be explored, and taking on challenges that others may not fully comprehend."

The license will also help strengthen the bank's focus on customer-centricity, especially its ability to provide innovative solutions to its clients.

In addition, the bank's expanded offerings through the license offers more comprehensive financial experiences, covering a broader range of financial services powered by blockchain, such as lending, cross-border payments, and other smart contract-based financial products.

"This is a call for a focus on the target only we see, and through the twists and turns and ups and downs of these avenues, we shall persist and persevere with our one North Star, which is to elevate lives and fulfill dreams," UnionBank vice chairman Justo Ortiz said.

'Innovation is about pushing boundaries, venturing into the unknown, courageously stepping into territories that are yet to be explored, and taking on challenges that others may not fully comprehend.'

The VASP license positions the bank as a responsible player in the digital finance ecosystem, particularly in terms of surveillance and compliance. UnionBank's focus on surveillance is not merely a regulatory requirement but a commitment to maintaining the trust of clients and of the industry as robust surveillance mechanisms help ensure the legitimacy of virtual assets and prevent illicit activities.

The bank's dedication to complying with regulatory standards and working proactively with the BSP to shape the future of digital finance in the Philippines can serve as an example for others to emulate.

"This achievement underscores the importance of doing something that's never been done before, not being reckless, and most of all, daring to be bold, not being afraid to go there," said UnionBank executive vice president and chief technology and operations officer Dennis Omila highlighting that the bank's obtaining a license is relevant for the entire banking industry.

Through the milestone, UnionBank sets new standards and redefines what it means to be a bank in the digital age through collaborations and partnerships that define progress for a brighter future.

The initiative aligns with the Bank's "Tech-Up Pilipinas" advocacy, aimed at advancing digital literacy among Filipinos and enhancing financial inclusion and technological empowerment in the country.

UnionBank
virtual asset exchange services
virtual asset service provider
VASP license
blockchain technology