Unlike other banks in the Philippines, the UnionBank of the Philippines has been in the crypto and blockchain wagon from day one. The bank has further established this by announcing its plan to link rural banks in the Philippines using blockchain technology.
UnionBank plans to come up with a blockchain-based system that will be similar to that of the SWIFT and Bancnet systems.
The bank’s Chairman, Justo Ortiz, announced this grand plan at the launch of the Blockchain Association of the Philippines.
Ortiz explains that a pilot test would take place in six rural banks in the country. Through this initiative, Ortiz hopes to drastically decrease the steps needed to be taken in order to complete a transaction from the current figure of 20 to only 3.
“The rural banks are the first mile to getting those members of the community that are unbanked,” said Ortiz.
As the bank grows in the blockchain space, it also plans on expanding its team. Currently, the bank houses 30 blockchain programmers but it intends to increase that figure to 100 by year end. In two years’ time, Ortiz expects to have 20,000.