{"id":47907,"date":"2021-08-18T17:52:13","date_gmt":"2021-08-18T14:52:13","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47907"},"modified":"2025-09-01T23:40:59","modified_gmt":"2025-09-01T20:40:59","slug":"philippines-largest-bank-to-pilot-crypto-custody-service","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/philippines-largest-bank-to-pilot-crypto-custody-service\/","title":{"rendered":"Philippines’ largest bank to pilot crypto-custody service"},"content":{"rendered":"

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<\/a> reports.<\/p>\n

In the pilot phase, Hex Trust will provide the service to bank staff. Details were not disclosed.<\/p>\n

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“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,”<\/em> said Henry Aguda, Chief Technology and Operations Officer at Union Bank.<\/p>\n<\/blockquote>\n

The publication cited a study by the central bank, \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u0435 \u043c\u0435\u0441\u0442\u043d\u043e\u0433\u043e \u0426\u0411<\/a>, which found that around 70% of the country’s residents lack access to banking services.<\/p>\n

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“Digital assets are viewed as a means of payment for such clients. Cryptocurrencies can significantly reduce transaction costs in transfers”<\/em>, said Kelvin Shen, Head of Business Development at Hex Trust.<\/p>\n<\/blockquote>\n

In 2020, UnionBank and Standard Chartered Bank implemented<\/a> a pilot project to issue blockchain bonds worth $187 million.<\/p>\n

Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 all the news, ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1156,435,2048],"class_list":["post-47907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-institutional-investors-and-whales","tag-philippines","tag-union-bank"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/47907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=47907"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/47907\/revisions"}],"predecessor-version":[{"id":47908,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/47907\/revisions\/47908"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=47907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=47907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=47907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}