Per information on news outlet Business World, enthusiasts in the Philippines will now be able to make instant transactions by a touch of a button right at Makati city under UnionBank ARK Branch. Through UnionBank, Philippians now have access to a cryptocurrency ATM.
According to Justo A. Ortiz UnionBank Chair, the ATM is already in the country, and plans are underway to unveil it for use at their ARK Branch in Ayala Ave in Makati City. Ortiz also doubles up as the founding member of Philippian Blockchain Association. Through the ATM, Filipinos will be able to complete transactions in hard currency Peso into digital coins. Furthermore, the ATM will also enable them to sell their digital assets and get hard cash making UnionBank ATM the first two way ATM in the Philippines. Besides just launching the ATM, the new development also falls in line with UnionBank quest of providing financial services to the masses in the current technology era. Moreover, digital coins are legal in the Philippines, and it’s high time an ATM is available to facilitate trading. The sector and industry players all fall under the purview of Bangko Sentral ng Pilipinas.
Other UnionBank Projects in the Technology Industry
Apart from working on the crypto ATM, UnionBank also has unveiled several projects all geared towards providing financial services in this digital era. Under the third phase of its digital transformation goal of 2019, UnionBank announced it would release new features in its mobile app. Further on the bank has also set plans in motion to open more Ark branches across the country. Ark branches are the driving force of UnionBank digital banks. And in its bid of getting unbanked Filipinos into the financial ecosystem, UnionBank launched Project i2i. Project i2i is a cost-effective and real-time retail payment platform whose aim is to onboard the millions of unbanked Filipinos in rural areas. To achieve its goal UnionBank is working in collaboration with rural banks which already have a customer base.
On the other hand, UnionBank is also in the blockchain sector and is running some projects. One such project is the recently launched internal use blockchain solution. Besides that, IBM just announced its working with UnionBank to develop a blockchain solution to handle finances in the supply chain industry. To explore the abilities and opportunities in the blockchain sector, UnionBank has set up a General Circulars blockchain platform and a blockchain institute to train developers.