Philippine’s Union Bank Becomes First Licensed Virtual Asset Service Provider
Union Bank of the Philippines has received a license from the country’s central bank, Bangko Sentral ng Pilipinas (BSP), to operate as a virtual asset service provider (VASP). This makes Union Bank the first and only bank in the country to receive such a license. Other VASP license holders in the Philippines include financial institutions like the Philippine Digital Asset Exchange, Maya, and Coins.ph.
The bank’s online mobile application offers users a platform to trade cryptocurrencies and manage traditional banking and digital assets all in one place. This move is seen as a significant step forward for Union Bank, as it aims to revolutionize the banking landscape in the country.
“By obtaining this license, we are not only paving the way for even more groundbreaking opportunities but also enhancing our digital capabilities and further transforming the way our customers interact with us.” – Edwin Bautista, President and CEO of Union Bank
New Feature for Bitcoin Trading
Union Bank has also announced a new feature that will allow customers to directly buy and sell Bitcoins (BTC) through its mobile app. This feature is set to launch in the fourth quarter of this year. Cathy Casas, head of the emerging technology division at Union Bank, believes that the financial landscape is evolving rapidly and the bank is committed to meeting the evolving needs of consumers.
“In this era where change is constant, our pursuit of this license isn’t just about staying current, but about being future-proof and future-ready.” – Cathy Casas, Head of Emerging Technology Division at Union Bank
In November 2022, Union Bank launched its flagship platform Harmonize for a pilot program offering crypto custody and trading services to select retail customers. Initially, the platform included Bitcoin and Ether (ETH). The bank also introduced the country’s first two-way virtual currency ATM in 2019.
Hot Take: Union Bank Leads the Way in Crypto Banking
Union Bank of the Philippines has made history by becoming the first licensed virtual asset service provider in the country. With its new license from the Bangko Sentral ng Pilipinas, Union Bank can now offer a platform for users to trade cryptocurrencies alongside traditional banking services. This move demonstrates Union Bank’s commitment to revolutionizing the banking landscape and meeting the evolving needs of its customers. Additionally, the bank plans to introduce a feature that allows customers to directly buy and sell Bitcoins through its mobile app. Union Bank is positioning itself as a forward-thinking institution ready to embrace the future of finance.
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