Philippines’ UnionBank to Expand Its Blockchain Use

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Mon, 08/13/2018 - 11:36
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Yuri Molchan
UnionBank uses Blockchain to reduce operational costs and study DLT more deeply
Philippines’ UnionBank to Expand Its Blockchain Use
Cover image via U.Today

Last week, during the Philippines Investment Forum, President and CEO of the UnionBank Edwin R. Bautista stated that the company has already implemented several apps based on the distributed ledger technology (DLT) and that the bank intends to use as many of them as possible in the future.

“Blockchainizing” the bank’s operations

The CEO mentioned that the bank intends to integrate Blockchain to ease internal processed in order to save money on operational expenses. Simultaneously, they wish to better research the technology they are offering customers.

Mr. Bautista believes that a great deal of the 700 internal banking processes suits to be converted into DLT. E.g., clearing, opening new accounts, transferring funds, etc.

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How it started

The bank began implementing Blockchain when it put the general circulars and manuals into the distributed network and ensured that materials were distributed to the staff in a more efficient way.

Besides, earlier this year the Philippines bank created a clearing system to link rural banks by means of DLT. This got the name Project i2i and it helps conduct bank processes as if it transferred between banks and also deals with financial reports, remittance and KYC (know your customer) procedures.

Short-term plans

The UnionBank plans an IPO in September, where it will offer around 200 mln shares via the Philippine Stock Exchanges to fund its further roll out.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.