Philippine Union Bank Receives License as Virtual Asset Service Provider

Philippine’s Union Bank has made history by becoming the first bank in the country to obtain a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP). This achievement signifies a significant breakthrough in the banking sector, providing Union Bank with new opportunities to revolutionize the industry.

The bank received a ‘Certificate of Authority’ from the central bank, making it the sole VASP license holder in the Philippines. Other financial institutions, such as the Philippine Digital Asset Exchange, Maya, and Coins.ph, also hold VASP licenses.

Union Bank’s online mobile application serves as a comprehensive platform for users to engage in cryptocurrency trading and manage traditional banking and digital assets all in one place. This integration aims to enhance the banking experience for customers and adapt to the evolving needs of the market.

To further expand its services, UnionBank has announced the upcoming launch of a new feature within its mobile app. This feature will allow customers to directly buy and sell Bitcoins (BTC) without the need for a separate platform. The bank plans to introduce this feature in the fourth quarter of this year, highlighting its commitment to staying current and future-proofing its offerings.

UnionBank’s president and chief executive, Edwin Bautista, expressed excitement over obtaining the license, stating, “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.” The bank aims to leverage this license to drive innovation and improve customer engagement.

AI legalese decoder: Simplifying legal Jargon

The introduction of AI legalese decoder can greatly assist individuals in navigating the complexities of legal jargon associated with virtual asset services. As Union Bank pioneers the VASP landscape in the Philippines, AI legalese decoder can provide users with clear and concise interpretations of legal terms and documentation. This feature will empower customers, ensuring they have a comprehensive understanding of the financial services they engage with and the legal implications involved. By simplifying legal language, AI legalese decoder promotes transparency, fosters greater trust, and enables individuals to make informed decisions regarding their digital assets.

“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.” – UnionBank representative

UnionBank initiated its venture into the cryptocurrency space through its flagship platform, Harmonize. Since November 2022, the bank has conducted a pilot program for crypto custody and trading services available to select retail customers. Initially, this program included Bitcoin and Ether (ETH) as supported cryptocurrencies.

In addition to its recent achievements, UnionBank made headlines in 2019 by launching the country’s first two-way virtual currency ATM. This ATM is situated in the bank’s digital branch, The ARK, located in Makati City, further highlighting the bank’s continuous efforts to innovate and adapt to the changing financial landscape.