There is no way but to go crypto tech with UnionBank of the Philippines (UBP), the country’s tenth-largest bank, and one of, if not leading the frontline of introducing blockchain system.
Dubbed as the leading digital bank in PH, UBP made waves when it first initiated and revolutionize its mobile banking way back 2018. This, among others, has birthed out various technological advancements earning numerous accolades in Asia about finance and technology. Right now, it holds the Best Payment Innovation award from Asia Trailblazer Awards in 2019.
Last June 23, it announced yet another innovation as it rolled out 11,000 cash out remittance counters which will be available across the islands. Its primary aim is to reach rural areas that are far-flung with basic banking services. As well, this will pave way for people to have easier access to transmitting money especially for Filipino families who have working relative overseas or at least across the city.
All without leaving from or going far away from home, especially during this new normal.
This step is a crucial and significant effort to improve financial services to impoverished areas especially that the Philippines has unique distribution due to its geography.
But how does that work? The remittance counters provide Point of Contacts (POCs) with bank’s financial services which vary in access – thru phone or thru face to face remittances.
This move is also in partnership with another Philippine-based fintech, Coins.ph, who’s also affiliated with Ripple, to enhance the experience of a blockchain platform to provide remittances, as well as a cryptocurrency exchange.
Enabling also the services to the Filipinos were additional fintech and locally-based payment services such as Cebuanna Lhuiller, Dragonpay, LBC, Pera Hub, Palawan Express, among others.
Earlier in 2019, UBC also spearheaded an effort of Business to Business blockchain payment in collaboration with a credit-card giant VISA. This targets rural banks easing cross-border transactions, especially among the institutions.
Five banks in the Philippines have been heard gathering up to utilize Visa’s blockchain-based payment system
As a feature of another course of action, the Union Bank of the Philippines (UnionBank) will help four anonymous rustic banks that are trying to support the effectiveness of their installment forms by building a nearby stage base on the head of Visa’s B2B Connect framework, as indicated by Philippine News Agency. UnionBank is the main bank in the Philippines to utilize B2B Connect, the report includes.
“We’re co-making the blockchain stage to be utilized by the provincial banks,” said Henry Rhoel Aguda, UnionBank’s senior official VP and boss innovation and activities official.
Aguda further showed that more banks may be remembered for the program later on. “We need to develop from four right now to the greatest number of as we can bolster,” he said.
Charge card monster Visa propelled a preliminary period of the business-to-business blockchain installments framework, worked with startup Chain, in November 2017. B2B Connect is intended to ease cross-fringe installments by permitting installments legitimately between foundations, hence removing the agent, and is set for business dispatch in this year.
Additionally working with Visa on the B2B venture are U.S.- based Commerce Bank, South Korea’s Shinhan Bank, and the United Overseas Bank, situated in Singapore.