The Philippines’ largest bank, UnionBank, and Hong Kong-based crypto custodian Hex Trust will launch a digital-asset custody service in line with local regulator requirements. Forkast reports.
In the pilot phase, Hex Trust will provide the service to bank staff. Details were not disclosed.
“Digital assets will not disappear. We are witnessing growing market demand for them. We are the first bank in the Philippines to offer cryptocurrency custody services,” said Henry Aguda, Chief Technology and Operations Officer at Union Bank.
The publication cited a study by the central bank, исследование местного ЦБ, which found that around 70% of the country’s residents lack access to banking services.
“Digital assets are viewed as a means of payment for such clients. Cryptocurrencies can significantly reduce transaction costs in transfers”, said Kelvin Shen, Head of Business Development at Hex Trust.
In 2020, UnionBank and Standard Chartered Bank implemented a pilot project to issue blockchain bonds worth $187 million.
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