UnionBank pioneers as first virtual asset services provider in PH

SunStar Publishing Inc.

Banking Innovation trailblazer Union Bank of the Philippines recently achieved another first in the industry after securing a Certificate of Authority from the Bangko Sentral ng Pilipinas to operate as a virtual asset service provider . This makes UnionBank the first and only universal bank in the Philippines, licensed to offer virtual asset exchange services.

In 2019, the Bank 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.

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