The Union Bank of the Philippines has received a license from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP), making it the first and only bank in the country to do so. This license allows the bank to trade cryptocurrencies and manage traditional banking and digital assets through its online mobile application.
Other VASP license holders in the Philippines include the Philippine Digital Asset Exchange, Maya, and Coins.ph.
UnionBank aims to revolutionize the banking industry with its digital capabilities and improve customer interaction. By obtaining this license, the bank is paving the way for more opportunities in the future.
New Feature Introduced
UnionBank has also announced a new feature that will allow customers to buy and sell Bitcoins directly through its mobile app. This feature is set to launch in the fourth quarter of the year.
The bank is committed to meeting the evolving needs of consumers in the rapidly changing financial landscape. It launched a pilot program for crypto custody and trading services in November 2022, initially including Bitcoin and Ether.
In 2019, UnionBank introduced the country’s first two-way virtual currency ATM located in its digital branch, The ARK, in Makati City.