Clients of UnionBank of the Philippines will soon be able to buy virtual asset exchange services like Bitcoin (BTC) through its mobile banking app without having to go through a third-party virtual asset wallet. That translates to more space on your phone as you need not have too many apps on it; it also makes the buying and selling of BTC easier and more convenient.
The new feature will be rolled out to randomly pre-selected UnionBank customers, who will be able to see the Virtual Asset functionality in their app. The launch is in compliance with the Bangko Sentral ng Pilipinas’ (BSP) regulation on Virtual Asset Services, with the Bank eyeing a wider roll-out in the near future.
UnionBank has been future-proofing the bank and focusing on creating customer-centric solutions powered by technology and innovation. Blockchain is a major component of its future-proofing strategy, with UnionBank exploring new uses for this technology. This also aligns with the Bank’s efforts in expanding its footprint in the metaverse, after its first entry into the space through its partnership with homegrown NFT game Ark of Dreams last April. The Bank is also eyeing the launch of the country’s first-ever Metaverse Center of Excellence sometime in the next few months.
“Blockchain is a technology that we think will power the future of banking. At the same time, we also recognize that cryptocurrency has been one of the services that a lot of customers are already looking for, especially the younger generation, and this demand was accelerated by the pandemic” said Cathy Casas, Head of Blockchain Center of Excellence, Digital Asset Markets and API Marketplace Group at UnionBank.
“By launching this new feature, we are hitting two birds with one stone. Not only does this help us ensure that the Bank is more future-ready, we are also able to serve the needs of our customers who use cryptocurrencies” Henry Aguda, Senior Executive Vice President Chief Technology and Operations Officer and Chief Transformation Officer said. “This is also one of the things that we are working on as we prepare our path towards entering the metaverse.”