Making for a historic first in the country, the Union Bank of the Philippines secured a license from the Bangko Sentral ng Pilipinas (BSP) to conduct business in the crypto trading space as a virtual asset service provider (VASP).
With the BSP’s approval, UnionBank is poised to implement a new feature that will enable customers to transact through buying and selling with bitcoins using its mobile app, starting Q4 2023.
UnionBank president and CEO Edwin Bautista called the consent a milestone for the Aboitiz-led bank, said to be symbolic of its advancement as it works towards revolutionizing the banking landscape.
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With a full VASP license, the universal bank is given an extended capacity to broaden its customers with its virtual asset exchange services via its mobile app.
Previously, only some randomly selected users were able to access the virtual asset exchange services due to a limited virtual asset license.
By providing a convenient and secure platform for trading cryptocurrencies, UnionBank is giving banking customers the ability to manage both their traditional banking and digital assets in a single platform.
Dennis Omila, Union Bank CEO and COO, credits the institution’s commitment to its clients for every breakthrough it achieves.