UnionBank said this cryptocurrency ATM offering is in line will all applicable regulations, particularly the ones set by the Philippine Central Bank.
Being on the same blockchain network, everyone involved in a transaction can see and act on the same ledger.
This will help 78% of executives that feel like that if they don’t implement blockchain technology in their business, they will lose their competitive edge.
UnionBank reveals it has spent Php 6 billion on technology for the past 3 years, conceding that the bank has to “digitize or perish.”
Launched last year, its Integrated Operations Center (IOC) oversees the bank’s overall operations.
The Institute aims to teach developers not just blockchain codes but also actual use cases and blockchain solutions.
Union Bank will be part of an expanded network that facilitates cross-border payments across the major markets including North America and Europe.
Union Bank of the Philippines is cutting operational costs by moving more of its internal processes on the blockchain.
Project i2i is initially piloted by 5 Mindanao rural banks, including Cantilan Bank Inc, PR Savings Bank, City Savings Bank, FairBank, and Progressive Bank.
The Central Bank of the Philippines and some universal banks are exploring distributed ledger technologies like blockchain to speed up banking transactions.