Philippines' largest bank to launch cryptocurrency service in pilot mode
Philippines' largest bank UnionBank and Hong Kong-based cryptocastodian Hex Trust will launch a digital asset storage service in line with local regulator requirements. This was reported by Forkast.
Hex Trust will provide the service to bank employees during the pilot phase. Details were not disclosed.
"Digital assets are not going to disappear. We have seen an increase in market demand for them. We are the first bank in the Philippines to provide a cryptocurrency storage service," said Henry Aguda, director of technology and operations at Union Bank.
The publication cited a study by the local Central Bank that said about 70% of the country's residents do not have access to banking services.
"Digital assets are seen as a means of payment for such customers. Cryptocurrencies can significantly reduce transaction costs in transfers," stressed Kelvin Shen, director of business development at Hex Trust.
Recall that UnionBank and Standard Chartered Bank piloted an $187m blockchain bond issue in 2020.