Union Bank invests in digital asset exchange

Published December 4, 2019, 12:00 AM

by manilabulletin_admin

Union Bank of the Philippines (UnionBank), through its fintech subsidiary UBX, announced an investment in the Philippine Digital Asset Exchange (PDAX), a leading digital asset exchange based in the Philippines.

According to Justo Ortiz, Chairman of UnionBank, “Through this partnership, UnionBank will learn from and participate in strategic tokenization projects that will power the future economy, elevate lives and enable Filipino communities here and abroad in a collaborative commons.”

The strategic partnership will contribute to building a thriving blockchain-based economy in the country, and is in line with UnionBank’s thrust to tech-up the Philippines.

“Technology enables prosperity, for people as well as the economy. After all, what good is prosperity if there is no inclusion,” said Edwin Bautista, President and CEO of UnionBank. “This partnership will support the digital asset ecosystem of our nation and enable financial inclusion for Filipinos.”

Arvie de Vera, Senior Vice President and Head of the Fintech Group of UnionBank said, “It is clear that the future is digital. We are investing in infrastructure that makes this possible. A digital asset exchange where tokenized assets are traded is a key pillar of the future economy.”

“Financial inclusion is more than just payments or credit, it is also about giving Filipinos the ability to save and invest. This is aligned with our inclusive prosperity initiatives and UnionBank’s purpose to elevate lives and enable communities in the Philippines,” de Vera added.

Nichel Gaba, CEO of PDAX said the Philippines has a unique opportunity to leapfrog past infrastructural constraints and make financial products and services universally accessible to Filipinos through blockchain-based technology.

“PDAX and UnionBank have shared aspirations about financial technology in the Philippines, and we are very excited about this partnership,” Gaba said. “Today, Blockchain is enabling cheaper remittances, and in the longer term, has potential to revolutionize the way Filipinos transact, save and invest. Thanks to technology advancements and strong regulatory support, we hope to usher in the trading of commodities, alternative assets and derivatives for the first time in the Philippines.”