In a significant development in the Philippine banking sector, UnionBank of the Philippines has received regulatory approval from the Bangko Sentral ng Pilipinas (BSP) for its crypto asset business. The approval, granted on Friday, designates UnionBank as a virtual asset service provider (VASP), making it the first universal bank in the country to receive such an authorization.
The VASP license is set to broaden UnionBank's crypto services to a larger client base. Previously, these services were only available to a select group of app users. The bank plans to gradually roll out expanded features in Q4 2023, including enabling customers to buy and sell Bitcoin through its app.
Edwin Bautista, CEO of UnionBank, highlighted the importance of this license for the bank's operations. He noted that this license enhances their digital capabilities and transforms how customers interact with them.
Cathy Casas, Senior Vice President at UnionBank, emphasized the bank's proactive approach towards the evolving financial landscape. She underscored their commitment to staying ahead of industry trends and meeting changing customer demands.
The journey towards this regulatory approval includes several notable milestones for UnionBank. In 2019, the bank collaborated with blockchain payment services firm Ripple to power a wallet using XRP-based On-Demand Liquidity. In 2022, UnionBank expanded its crypto services by offering them via Metaco, a Ripple-owned company.
This latest approval from BSP marks another significant step forward for UnionBank in its ongoing efforts to innovate and expand within the rapidly evolving world of digital finance.
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