Six ‘Crypto-Friendly’ Banks and Financial Institutions in the Philippines

Discover how banks and e-wallets in the Philippines are embracing the crypto industry by providing avenues for buying and selling crypto.

List of Crypto Friendly Banks in the Philippines Feature

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Editing by Nathaniel Cajuday

  • Here are six Crypto-Friendly local Banks and Financial Institutions in alphabetical order.
  • The companies include GCash, Maya, RCBC, Security Bank, UnionBank, and UnoDigital Bank.
  • BitPinas has also compiled a list of articles discussing how to buy crypto from different platforms.

In the fast-evolving world of cryptocurrencies, the Philippines has emerged as a vibrant hub, embracing the potential and opportunities presented by digital currencies. 

And as ‌global interest in cryptocurrencies continues to grow, some banks and financial institutions in the country have stepped up to support and foster this digital revolution. 

Here is the list of financial institutions, including banks and e-wallets, that are considered crypto-friendly, in alphabetical order:

GCash

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One of the country’s leading fintech app, Gcash, began exploring crypto-related initiatives in 2018. They initially enabled users to purchase Bitcoin and other cryptocurrencies through their e-wallet in collaboration with the Philippine Digital Asset Exchange (PDAX). 

In 2021, GCash expressed interest in allowing the buying and selling of cryptocurrencies within their platform and entered discussions with potential partners. By June 2022, GCash had announced the development of their cryptocurrency products, and in October, they confirmed a collaboration with PDAX for GCrypto. The official launch of GCrypto took place during the GCash FutureCast Summit. Finally, in April 2023, GCrypto became available nationwide for all GCash users.

How to buy crypto with GCash:

To buy cryptocurrencies, follow these steps:

  • Step 1: On the GCash App and tap “View All.”
  • Step 2: Tap “GCrypto.”
  • Step 3: Tap on your desired token or coin.
  • Step 4: Tap “Buy.”
  • Step 5: Enter your desired amount in PHP or crypto and tap “Buy.” (Example: User can either buy a ₱50-worth of BTC, or even 0.1 BTC).
  • Step 6: You will now see the confirmation screen of your successful purchase of the crypto you selected.

For more comprehensive instruction and explanation, read this: Beginners Guide to GCrypto | How to Buy & Sell Crypto on GCash

GCash can also be used as a mode of payment in other cryptocurrency wallets and exchanges. 

Maya

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To fully transition to a crypto-friendly mobile wallet and digital bank, Maya underwent a rebranding from its former name, Paymaya. The new Maya app integrated the existing PayMaya e-wallet features with additional capabilities like cryptocurrency support and a cutting-edge digital banking experience offered by Maya Bank.

By the end of 2022, Maya had introduced a new feature in its app that allowed users to convert select cryptocurrencies directly into Bitcoin within the platform. Previously, Maya only supported the conversion of cryptocurrencies back into fiat currency, specifically the Philippine Peso.

How to buy crypto with Maya:

Through the Maya app, users can purchase crypto with a minimum amount of ₱1.

To buy cryptocurrencies, follow these steps:

  • Step 1: On the app and tap the “Crypto” tab. 
  • Step 2: Click on “Buy Crypto.” Read and understand the terms and conditions, then “continue”.
  • Step 3: Tap on your desired token or coin and type in how much you want to purchase. 
  • Step 4: Tap “Continue.”
  • Step 5: Tap “Pay”. Price of purchase is only available for 15 seconds. 
  • Step 6: You will now see the confirmation screen of your successful purchase of the crypto you selected.

To purchase crypto outside the app, Maya can serve as a viable payment option in various cryptocurrency wallets and exchanges.

RCBC

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‌Rizal Commercial Banking Corporation (RCBC) is one of the leading universal banks in the Philippines, offering a wide range of financial services to individuals, businesses, and corporations. RCBC provides various banking products and services, including deposits, loans, credit cards, investment options, remittance services, and electronic banking solutions. 

In 2019, RCBC has partnered with IBM to introduce fiat currency-backed stablecoins, aiming to enhance the remittance platform for overseas Filipino workers. 

How to buy crypto with RCBC:

At present, direct cryptocurrency purchase features from the bank are not yet available, but RCBC serves as a viable payment alternative within various cryptocurrency wallets and exchanges.

Security Bank

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Security Bank is a commercial bank established in 1951 and is one of the country’s leading universal banks. It offers a wide range of financial products and services, including personal banking, corporate banking, treasury services, and asset management. 

In 2021, Security Bank’s blog recognized the cryptocurrency industry and discussed the pros and cons of investing in these digital tokens.

The blog was immediately followed by another one tackling the things investors must consider before buying their first crypto. The bank also published other materials related to ‌digital assets. 

How to buy crypto with Security Bank:

Currently, buying crypto directly from the bank is not available, but it is a feasible payment alternative across different cryptocurrency wallets and exchanges.

UnionBank

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UnionBank of the Philippines (UnionBank), an early advocate of web3 technology in the country, has been at the forefront of embracing blockchain and cryptocurrencies since 2018, establishing itself as the “most crypto-friendly bank” in the Philippines. 

Moreover, UnionBank is also among the limited number of institutions that have obtained a cryptocurrency license overseen by the Bangko Sentral ng Pilipinas (BSP).

Throughout its journey, the bank has implemented several groundbreaking initiatives in the blockchain and cryptocucy sphere. These include strategic collaborations with Visa to introduce Visa B2B Connect for efficient cross-border payments, integrating a crypto ATM with local exchange Coins.ph, pioneering the PHX stablecoin for secure blockchain-based remittance transactions, and conducting successful pilot tests for blockchain-driven remittance services.

In 2021, UnionDigital Bank, a subsidiary of UnionBank, achieved remarkable milestones by securing a digital banking license and experiencing substantial growth in its customer base, loans, and deposits.

How to buy crypto with UnionBank:

The Cryptocurrency Exchange API by PDAX, a service provided by UnionBank, offers key features that include real-time retrieval of supported cryptocurrencies for trading, the ability to buy and sell various cryptocurrencies using the Philippine Peso (PHP), and access to the list of active orders executed through PDAX’s platform. This API enables users to check cryptocurrency prices and engage in real-time crypto trading at competitive market rates.

In 2022, UnionBank introduced its crypto trading and custody services to a limited group of retail clients through its mobile application through its partnership with METACO, a market provider specializing in digital assets for financial institutions. (Read more: Crypto-Licensed UnionBank Pilots Bitcoin Trading)

It is also one of Binance P2P’s supported payment methods for buying and selling cryptocurrencies with PHP.

Uno Digital Bank

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UNO Digital Bank, one of the six digital banks in the Philippines, offers a range of banking services exclusively through digital channels. It operates entirely online, allowing customers to access their accounts, make transactions, and manage their finances using mobile applications and internet banking platforms. 

In late 2022, UNODigital disclosed its plans to provide crypto services, including buying and selling, on its application by 2024. (Read more: UNO Digital Bank to Offer In-App Crypto by 2024)

BitPinas Articles discussing how to buy crypto from different platforms:

This article is published on BitPinas: Six ‘Crypto-Friendly’ Banks and Financial Institutions in the Philippines

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.

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