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The Bangko Sentral ng Pilipinas (BSP) granted Union Bank of the Philippines, the country's first universal bank, a license to operate as a virtual asset service provider (VASP).
The UnionBank of the Philippines (UnionBank) confirmed on September 21, 2023, in a PSE Disclosure about the news article from the Business World that the financial institution received approval from the Bangko Sentral ng Pilipinas (BSP) to operate as a virtual asset service provider (VASP), letting bank clients buy and sell Bitcoin and other cryptocurrencies through its mobile app.
The Aboitiz-led bank said in a statement that the new feature will make UnionBank the first and only universal bank to offer virtual asset exchange services when it is gradually implemented in the fourth quarter of this year. Additionally, a new feature will let customers of the bank manage both traditional and digital assets from a single mobile interface.
“This milestone represents a significant leap forward for UnionBank as we continue to revolutionize the banking landscape. 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,” UnionBank President and Chief Executive Officer Edwin R. Bautista said.
Union Bank of the Philippines (UnionBank) (PSE:UBP) has always been among the first to embrace technological innovations to empower its customers. It embraces the future of banking. Undoubtedly the Philippines' pioneer in digital banking, UnionBank is committed to be the region's digital trailblazer to best serve the growing needs of Filipinos everywhere.
To learn more about virtual asset service providers, you may read these related topics:
The Bangko Sentral ng Pilipinas Cautions the Public against engaging with Unregistered and Foreign Virtual Asset Service Providers (VASPs)
What is a Virtual Currency? How does VC differ from cyptocurrency?
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.