Author: Kella Pacquiao, Philippines
UnionBank of the Philippines announces that they will adopt the blockchain technology to their banking system to reduce bank and operational costs.
UnionBank’s CEO, Edwin Bautista reveals during Philippine Investment Forum:
“In operations, we already launched several internal blockchain applications. The goal is to put blockchain as much as we can in the internal process to reduce our costs. At the same time, it also helps us learn the technology that we can now apply for other services.”
As Bautista said in the press, UnionBank started implementing the technology by having its general circulars and operating manuals in the blockchain. This will allow the employees to be more efficient in distributing and managing the materials and transactions.
The Philippine bank also says that it has a clearing system in the blockchain which is connected to all of the local branches. UnionBank calls this system “Project i2i.”
UnionBank is one of the earliest to adopt the innovative blockchain technology in the Philippines. It is also the country’s first direct blockchain payment system for businesses called Visa B2B to connect.
Cover Photo: UnionBank