After a partnership with Metaco (a Swiss technology company), the Union Bank of the Philippines now offers cryptocurrencies trading services to its customers.
The following is an extract from the announcement Shared, retail customers can now access the Crypto Trading Service on Metaco’s Digital Asset Platform Harmonize. It is now operational.
Henry Aguda, chief technology officer and chief transformation officer at Union Bank, commented on this news saying the partnership with Metaco has been a part of the bank’s goal to provide customer-centric services in the Philippines. He noted that Union Bank was the first bank to offer digital asset exchange services to customers.
“UnionBank’s collaboration with its strategic partner Metaco has been critical in the bank’s pursuit of realizing its vision of delivering superior, customer-centric services to the Philippine market,’’ said Henry, ’We are proud to continue UnionBank’s series of industry firsts, this time being the first regulated bank in the country allowing digital currency exchange features for clients.”
Metaco, an enterprise cryptocurrency company that was founded in 2015, enables financial institutions and non-financial organizations to securely manage their digital assets.
Union Bank, which was founded in 1982, is one of the most important banks in the Philippines. It has $15 billion in assets. Through Metaco’s solution, the bank integrates digital asset-management services on IBM Cloud.
In January, Union Bank announced the collaboration with Metaco in order to increase cryptocurrency trading and custody. Since then, the bank has been keen to promote crypto services in line with industry trends and consumer demand.
According to Blockchain.News, in 2021 the bank partnered with Hex Trust in Hong Kong to pilot digital assets custody services. Union Bank had hoped that the partnership would allow it to enter the Philippines’ first digital asset sector.