Bank in the Philippines embraces Blockchain!

in #blockchain6 years ago (edited)

Unionbank.JPG

Not a lot of banks in the Philippines are pen to the idea of adapting Blockchain.
It is new and "seems" to be unstable on the surface which scares a lot of banks and companies in general.

It takes true mavericks to bravely take the leap such as one of the big names in the banking industry in the Philippines, UnionBank.

This means tapping blockchain, the technology behind bitcoin and other cryptocurrencies, said UnionBank president and CEO Edwin Bautista.

"The blockchain technology is one of those technologies that are predicted to really alter the face of banking," Bautista said.

Last January 22, UnionBank announced that it would offer the country’s first blockchain payment system for businesses called Visa B2B Connect.

By using blockchain, the Visa B2B Connect allows fund transfers to be completed in real time or within 24 hours instead of 3 to 5 days using conventional channels. The system is also predicted to lower transaction costs when it becomes fully operational later this year, according to UnionBank.

"At the start, we said we need to defend ourselves against the fintechs (financial technology firms) that will be encroaching on our space, then it dawned on us that... Hey, this is an opportunity to enter a new market for us, and at the same time we help the economy, we help the country." --- VERY WELL SAID, sir! :)

Seems to me that a very bright future is ahead for our country :)

Sort:  

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
http://news.abs-cbn.com/business/02/14/18/unionbank-embraces-tech-behind-bitcoin-in-digital-pivot

Hello blockstreettv,

@SteemEngineTeam would like to take the time to thank you for signing up and participating in our community. Your contributions and support are important to us and we hope you will continue to use our platform.

We plan to give back to our community members, so have an upvote on us!

Thank you.

Hello blockstreettv,

@SteemEngineTeam would like to take the time to thank you for signing up and participating in our community. Your contributions and support are important to us and we hope you will continue to use our platform.

We plan to give back to our community members, so have an upvote on us!

Thank you.

Congratulations @blockstreettv! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You made more than 200 upvotes. Your next target is to reach 300 upvotes.

Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:

Trick or Treat - Publish your scariest halloween story and win a new badge
SteemitBoard notifications improved

Support SteemitBoard's project! Vote for its witness and get one more award!

Congratulations @blockstreettv! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 1 year!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Vote for @Steemitboard as a witness to get one more award and increased upvotes!