Subscribe to our newsletter!
Editing by Nathaniel Cajuday
- Philippine Digital Asset Exchange (PDAX) has joined UnionBank’s Digital Business Solutions Partner Referral Program, allowing UnionBank to endorse PDAX’s crypto services and digital solutions to its business-to-business (B2B) clients.
- The signing of the Memorandum of Agreement (MOA) took place on April 26, with key representatives from PDAX and UnionBank present.
- UnionBank’s Digital Business Solutions Referral Partnership Program offers exclusive access to a curated set of partner solutions, including PDAX’s crypto services, to enhance banking services for UnionBank customers.
Bangko Sentral ng Pilipinas (BSP)-regulated cryptocurrency exchange Philippine Digital Asset Exchange (PDAX) has been formally included in UnionBank Philippines’ (UBP) Digital Business Solutions Partner Referral Program. PDAX is now an accredited fintech partner of UBP, providing crypto services and digital solutions to the bank’s clients.
PDAX x UnionBank Philippines
In a statement, PDAX and UBP collectively emphasized that their collaboration is expected to let the bank endorse the exchange’s crypto services and digital solutions to its valued business-to-business (B2B) clientele, enhancing PDAX’s credibility in a broader market and expanding its presence across diverse industries.
The signing of Memorandum of Agreement (MOA) took place on April 26, 2023, at UnionBank’s Head Office in Ortigas Center, Pasig City. The event was attended by key representatives both from PDAX, including CEO Nichel Gaba and Chief Business Development Officer Kenneth Chua, and UBP, including Senior Vice President and Corporate Banking Group Head Angelica Balangue, and Assistant Vice President of the Fintech Business Group Andrew Garcia.
According to UBP, its endorsement of PDAX’s crypto solutions will support the expansion of PDAX’s client base in the Philippines. Additionally, it will provide valuable market insights and UBP’s assistance in recommending PDAX’s solutions to customers who can benefit the most from them.
“We at PDAX are proud to have a partner such as UBP, one of the most innovative banks globally, as it supports innovations in the crypto and digital asset space,” Gaba stated.
The exchange’s CEO also added that PDAX is honored to be a partner as the program has been selectively approving partners that meet the rigorous standards set by the UBP Fintech Group.
Meanwhile, for Garcia, the partnership is set to be a driving force to a more open digitalized future of the bank’s clients, community, and even in the country:
“On behalf of our Fintech Business Group Head, Erika, I wish to thank PDAX for embarking on this journey with UnionBank as we ideate, co-create and tech-up the organizations which aim to include crypto services in their key offerings, primarily those in the payments segment, remittances and financial institutions – from trading or conversion, crypto deposits and withdrawals and Fiat payouts, among others.”
Digital Business Solutions Partner Referral Program
The Digital Business Solutions Referral Partnership Program enables UBP customers to enjoy special access to a carefully selected range of partner solutions that complement the banking services provided by UBP.
The program’s objective is to enhance industries through digital cooperation and synergies. UBP corporate account holders will be able to effortlessly access various crypto-based trading options, globally competitive prices, leading cryptocurrencies, cross-border settlements, real-time digital investments, payments, remittance services, and other digital assets securely and with high liquidity, all through the UBP app.
Aside from PDAX, the current partners of the program are Sentro, SeekCap, Xendit, Taxumo, Lucas, i2i, Bux, Dragonpay, Igloo, Razer, and Paymongo.
What is PDAX?
PDAX is a homegrown cryptocurrency exchange in the Philippines that allows users to buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and other digital assets.
PDAX is also the provider for GCash’s new cryptocurrency in-app feature, GCrypto. (Read more: GCash Riding on PDAX Crypto License: Will Others Do The Same?)
Recently, the exchange also launched its own non-fungible token (NFT) marketplace called Mintoo.The marketplace, integrated within the PDAX app or website, is developed on the Polygon blockchain. With this integration, users can engage in direct trading of digital collectibles using Philippine Peso without the need for decentralized wallets, distinguishing it from other marketplaces.
- PDAX Introduces 10 Artists Behind Mintoo-Exclusive “Artist Series: New Horizons” Collection
- FilipinasNFT Kicks Off Second Collection on Mintoo
- Ely Buendia’s Flaming Lullaby NFT Collection to Launch on PDAX’s Mintoo Platform
What is UnionBank?
The Union Bank of the Philippines (UnionBank) is one of the earliest adapters of web3 in the country; it has been actively embracing blockchain and cryptocurrencies since 2018, positioning itself as the country’s most crypto-friendly bank.
Over the years, UnionBank has implemented various initiatives in this field. These include partnering with Visa to launch Visa B2B Connect for streamlined cross-border payments, introducing a crypto ATM integrated with local exchange Coins.ph, launching its stablecoin PHX for blockchain-based remittance transactions, and conducting pilot tests for blockchain-driven remittance services.
In 2021, UnionBank obtained a digital banking license and achieved significant milestones in customer base, loans, and deposits. The bank also ventured into the NFT space as it collaborated with Canvas.ph and Leon Art Gallery. It also inaugurated the UnionBank Innovation Campus as a leading research and technology hub.
This article is published on BitPinas: PDAX Joins UB’s Referral Program as Official Crypto Partner
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.