MANILA, Philippines — UnionBank of the Philippines is planning to launch cryptocurrency trading and custodial services as more and more Filipinos turn to digital currencies for investments and transactions.
The Aboitiz-led bank revealed the details to a Bloomberg report on Thursday, hedging their bets that the average Filipino will likely turn 3-5% of their personal assets to digital in five years if capital markets prove “stable.”
Cathy Casas, head of the bank’s blockchain and application programing interface group, told Bloomberg that UnionBank's custodial services for digital assets will also cover tokenized bonds.
Unionbank will use systems developed by Switzerland-based METACO to manage its digital assets platform. According to a statement by Metaco, UnionBank will employ IBM Cloud services to maximize “confidential computing capabilities” of IBM integrated with METACO's systems.
“With the recent launch of our APAC headquarters in Singapore, we can ensure that we continue to offer best-in-class services to UnionBank and other customers and partners in the region," said Patrick Enjalbal, METACO vice president for Customer Success and managing director for Asia Pacific.
There are similar trading platforms in the Philippines, such as PDAX, which is regulated by the Bangko Sentral ng Pilipinas, that allows trading of cryptocurrencies using Philippine pesos.
The BSP earlier reminded the public to be wary of cryptocurrencies as regulators continue to assess the risks from such investments.