Union Bank of the Philippines (UnionBank) has announced that its customers will be able to buy and sell Bitcoin within its mobile app starting in October 2023.
This development follows UnionBank’s receipt of a full VASP license from the Bangko Sentral ng Pilipinas (BSP), which allows the bank to serve as a virtual asset service provider.
This license also enables UnionBank to expand its virtual asset exchange services to a broader customer base through its online banking app. Previously, this service was available to randomly selected app users under a limited virtual asset license. The bank noted that it plans to gradually introduce this feature to all its app users throughout the last quarter of 2023.
UnionBank envisions this new feature as a means for its customers to seamlessly manage both traditional banking and digital assets within a single mobile platform. Edwin Bautista, UnionBank’s President and CEO, emphasized that this licensing achievement opens the door to numerous opportunities, enhances digital capabilities, and transforms customer interactions.
Notably, UnionBank has become the first and only universal bank in the Philippines to facilitate cryptocurrency trading through its mobile app.
UnionBank has been actively exploring incorporating blockchain technology and cryptocurrencies as part of its strategy to adapt to evolving customer demands and changing financial trends. Cathy Casas, Senior Vice President and Head of the Emerging Technology Group at the bank, stated that they pursued the virtual asset license to future-proof their business.
UnionBank has been a pioneer in the Philippines regarding blockchain and cryptocurrency adoption. In 2019, the bank introduced the country’s first bank-operated, two-way virtual currency ATM, located in its digital branch, “The ARK,” in Makati City. This ATM allows users to buy and sell cryptocurrencies.
Additionally, in 2022, UnionBank successfully raised 11 billion pesos through the Philippines’ first-ever offering of digital peso bonds powered by blockchain technology. UnionBank has also been working on linking rural banks using blockchain technology as part of its efforts to promote financial inclusion and innovation in the Philippines.
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