The Union Bank Of The Philippines Relies On Blockchain To Reduce Operating Expenses
The decision to introduce blockchain into internal processes allowed Union Bank of the Philippines (UBP), one of the largest banks in the Philippines, ranking seventh in terms of assets, to reduce operating costs, as well as learn more about the application of technology.
Speaking to reporters at a recent Philippine investment forum, UnionBank President and CEO Edwin Bautista said that the bank had deployed a number of internal blockchain applications for its day-to-day operations. Union Bank of the Philippines is one of the most active banks in the country to implement blockchain.
Union Bank of the Philippines has determined that more than 700 internal processes are ready for migration to the blockchain system, such as transferring funds, opening accounts, clearing checks and others.
In his interview, Chairman of the Board of Union Bank of the Philippines Justo Ortiz said that the bank is transforming into a bank and a technology company, as it insists on the introduction of blockchain technology not only within the country, but also becomes a blockchain service provider.
Ortiz also noted that one of the reasons the bank uses blockchain is to promote financial integration and provide more than 75% of Filipinos who do not own a bank account access to financial services.
Earlier this year, UnionBank entered into a deal with a giant of Visa credit cards to create a cross-border interbank payment system to serve small and medium-sized enterprises (SMEs).