Proving its status anew as an
industry trailblazer, Union Bank of the Philippines (UnionBank) recently
achieved another first in the industry after securing a Certificate of
Authority from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual
asset service provider (VASP), making it the first and only universal bank in
the Philippines to offer virtual asset exchange services.
With the full VASP license from
the BSP, the Bank can now extend virtual asset exchange services to a broader
base of UnionBank customers through the award-winning UnionBank Online app.
These virtual asset exchange services previously were accessible only to
randomly selected users of the app through a limited virtual asset
license. 
The new feature, set to roll
out gradually in the final quarter of 2023, will now enable UnionBank customers
to directly buy and sell Bitcoin (BTC) through the app, providing a convenient
and secure platform for trading cryptocurrencies through a well-established and
trusted financial institution. This will also allow them to manage both
traditional banking and digital assets within a single mobile platform.
“In this era where change is
constant, our pursuit of this license isn't just about staying current, but
about being future-proof and future-ready. The financial landscape is evolving
at an unprecedented pace, and we want to be at the forefront, ensuring that we
are equipped to meet the evolving needs of our clients,” said UnionBank SVP and
Head of Emerging Technology Group Cathy Casas.
“Our commitment to our clients
is the driving force behind every innovation we introduce,” said UnionBank EVP
and Chief Technology and Operations Officer Dennis Omila. “Through these new
services, we are empowering them to be able to navigate this new space with
confidence.”
“This milestone represents a significant
leap forward for UnionBank as we continue to revolutionize the banking
landscape. By obtaining this license, we are not only paving the way for even
more groundbreaking opportunities, but also enhancing our digital capabilities
and further transforming the way our customers interact with us,” said
UnionBank President and CEO Edwin Bautista.
The adoption of blockchain
technology has been integral to UnionBank's future-proofing strategy, and the
Bank has been actively exploring potential use cases, including
cryptocurrencies, to adapt to evolving customer needs and financial trends. For
instance, 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.
The initiative aligns with the
Bank’s "Tech-Up Pilipinas" advocacy, aimed at advancing digital
literacy among Filipinos and enhancing financial inclusion and technological
empowerment in the country.
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