PDAX Receives Investment From UBX of UnionBank
November 27, 2019 – Philippine Digital Asset Exchange (PDAX), a trading platform licensed by the Bangko Sentral ng Pilipinas (BSP), has received an investment from Union Bank of the Philippines (UnionBank), through its fintech subsidiary UBX.
Unique Opportunity
PDAX founder and CEO Nichel Gaba explained that the Philippines has a unique opportunity to leapfrog current infrastructural constraints and make financial products and services universally accessible to Filipinos.
“PDAX and UnionBank have always shared aspirations about financial technology in the Philippines, and we are very excited about this partnership,” Gaba said. “Today, blockchain technology – the technology behind bitcoin – is enabling cheaper remittances. For longer term, it has the potential to revolutionize the way Filipinos transact, save, and invest.”
Strategic Partnership
According to Gaba, the goal of PDAX is to provide an easy-to-use and secure platform that is accessible by anyone who wants to trade digital assets like cryptocurrencies and enable a more inclusive financial services landscape in the country.
Gaba said that thanks to technology advancements and strong regulatory support, PDAX hopes to usher in the trading of commodities, alternative assets, and derivatives for the first time in the Philippines in the near future
According to Justo Ortiz, Chairman of UnionBank, “Through this partnership, UnionBank will learn from and participate in strategic tokenization projects that will power the future economy, elevate lives and enable Filipino communities here and abroad in a collaborative commons.”
The strategic partnership will contribute to building a thriving blockchain-based economy in the country, and is in line with UnionBank’s thrust to tech-up the Philippines.
“Technology enables prosperity, for people as well as the economy. After all, what good is prosperity if there is no inclusion,” said Edwin Bautista, President and CEO of UnionBank. “This partnership will support the digital asset ecosystem of our nation and enable financial inclusion for Filipinos.”
Arvie de Vera, Senior Vice President and Head of the Fintech Group of UnionBank said, “It is clear that the future is digital. We are investing in infrastructure that makes this possible. A digital asset exchange where tokenized assets are traded is a key pillar of the future economy.”
“Financial inclusion is more than just payments or credit, it is also about giving Filipinos the ability to save and invest. This is aligned with our inclusive prosperity initiatives and UnionBank’s purpose to elevate lives and enable communities in the Philippines,” de Vera added.
Prior Partnerships
In June of this year, PDAX announced its partnership with BitMEX Ventures, the venture arm of the world’s leading cryptocurrency exchange, BitMEX. The collaboration and synergies formed between the two exchanges highlighted PDAX’s commitment to advancing financial inclusion and accessibility through cryptocurrency trading.
Prior to the BitMEX partnership, PDAX also announced its partnership with ConsenSys Ventures to help drive accessible investing for all Filipinos and provide a more inclusive trading platform for everyone.
This article is a press release sent to BitPinas: PDAX Receives Investment From UBX of UnionBank
About UnionBank
UnionBank embraces the future of banking and is committed to being the Philippines’ leading digital bank to best serve the growing needs of Filipinos everywhere. UnionBank has been consistently recognized as one of Asia’s leading companies, ranking among the country’s top universal banks in terms of profitability and efficiency. UnionBank’s Digital Transformation Strategy reinforced its commitment to deliver superior customer experiences and promote inclusive prosperity in the country.
Contact: James Illeto (jmpileto@unionbankph.com)
About UBX
UBX, a financial technology and investment company, is a subsidiary of Union Bank of the Philippines. UBX is leveraging the immense power of technology, ecosystems and data to make financial services more natural, open and accessible while positively impacts financial inclusion.
Contact: James Illeto (jmpileto@unionbankph.com)
About PDAX
Philippine Digital Asset Exchange (PDAX) is a digital asset exchange that is licensed by the Bangko Sentral ng Pilipinas. PDAX operates an order-book that enables users to buy and sell cryptocurrencies and other digital assets at globally competitive market prices. It provides a fair, easy-to-use, and secure platform to trade cryptocurrencies such as bitcoin directly with the Philippine Peso (PHP). For more information, visit www.pdax.ph.
Contact: Nichel Gaba (nichel@pdax.ph)
