The Union Bank of the Philippines is set to launch the first two-way virtual currency ATM in the Philippines.
This is according to a report published by The Philippine Star on 6 February 2019, which said that such ATMs would allow the bank’s customers to buy and sell virtual currencies for cash.
UnionBank said in a statement that the launch of a virtual currency ATM is part of its “continued quest to cater to the evolving needs and tastes of customers,” which also included their customers who use virtual currencies.
The bank added that the virtual currency ATM offers “an alternative channel to convert (clients’) pesos to virtual currency and vice versa.”
The bank also said that it has been in continued collaboration with the Bangko Sentral ng Pilipinas, which led to it being allowed to give Filipinos innovative solutions within the limits of various regulations.
Aside from launching virtual currency ATMs, UnionBank is launching the third phase of its digital transformation this 2019.
This phase would include the introduction of enhanced features in the bank’s mobile app, and the launch of more branches of The Ark, which is tagged by UnionBank as the fully digital version of their bank branches.
The Manila Bulletin, in its report on 1 February 2019, mentioned that UnionBank had been involved in other blockchain adoption initiatives.
One of UnionBank’s initiatives was the launch of a blockchain-based platform used for internal use in late 2018, which was a first in the banking industry in the country.
The bank also launched a blockchain initiative in collaboration with rural banks called Project i2i, which is a real-time and cost-effective retail payment system that is expected to bring financial inclusion to millions of unbanked Filipinos.
Bitcoin Exchange Guide reported that the US-based multinational information technology company IBM said that their partnership with UnionBank to provide a blockchain-based supply chain finance solutions is one of their successes of their blockchain progress in the Philippines.
In relation to their digital transformation, UnionBank CEO and president Edwin Bautista told Manila Bulletin that the bank aims to be embedded into fintech’s applications, products and services so that a digital transformation that “enables its end-customers to consume new services” can be achieved.
Bautista also said that UnionBank is on track in its digital transformation and that the industry and the market is taking note of their progress. He added that the bank is set to launch more innovations as it becomes a pioneer in the banking sector.