UnionBank goes live on Metaco Harmonize to launch cryptocurrency services

UnionBank is one in all a choose cohort of establishments granted a crypto license underneath the supervision of the Bangko Sentral ng Pilipinas (BSP). UnionBank is launching a pilot program for Bitcoin (BTC) and Ethereum (ETH) custody and buying and selling companies for choose retail prospects, a significant step ahead within the financial institution’s exploration of blockchain expertise, which follows different comparable digital asset initiatives, similar to launching its personal stablecoin for remittance funds or launching its presence within the Metaverse financial system. The president of the Philippines, Ferdinand Romualdez Marcos Jr, heralded the significance of blockchain and digital asset applied sciences on the current opening of UnionBank’s Innovation Campus, outlining the facility of the expertise in furthering monetary inclusion within the Philippines.

UnionBank leverages Harmonize, METACO’s digital asset custody and orchestration platform, as a totally managed service deployed within the cloud, enabling it to handle governance and operations for the pilot. Working carefully with the monetary regulators and different trade contributors, the financial institution goals to develop the service and create a protected and compliant atmosphere for thousands and thousands of Filipinos to custody and trade digital currencies similar to Bitcoin, straight from their current cellular banking app, with out the necessity to open or handle separate pockets companies. Harmonize will act because the foundational orchestration platform to help UnionBank because it readies itself for wider rollouts of its digital asset companies, serving the rising wants of its prospects whereas future-proofing its enterprise mannequin.

Henry Aguda, Chief Know-how & Operations Officer and Chief Transformation Officer at UnionBank commented: “UnionBank’s collaboration with its strategic accomplice METACO has been crucial within the financial institution’s pursuit of realizing its imaginative and prescient of delivering superior, customer-centric companies to the Philippine market. We’re proud to proceed UnionBank’s collection of trade firsts, this time being the primary regulated financial institution within the nation permitting digital foreign money trade function for purchasers.”

Seamus Donoghue, Chief Progress Officer at METACO commented: “As a key strategic accomplice, we’re proud to see METACO Harmonize going reside in six months because the challenge successfully commenced, and now supporting the launch of UnionBank’s digital asset pilot with choose prospects. Our bank-grade digital asset orchestration platform, Harmonize, offers UnionBank with the optionality to securely discover a variety of retail and institutional digital asset use instances, from crypto custody, funding and buying and selling, to the fast-growing Metaverse financial system within the Philippines.”

METACO is a number one expertise supplier to monetary establishments and firms within the digital asset ecosystem with important Tier 1 and Tier 2 financial institution implementations in varied regulatory jurisdictions, together with Switzerland, Germany, France, United Kingdom, United States, Turkey, Singapore, Australia and Hong Kong.