The Union Bank of the Philippines, Inc. more commonly known as UnionBank, is one of the largest Universal Banks in the Philippines and tenth largest bank in the Philippines by total assets. It is one of the most stable Philippine banks and is the host bank of the E-Card accounts of the members of the Government Service Insurance System.
UnionBank is a Philippine universal bank. Today multiple channels are available for transaction and information access: nationwide branch network, on-site and off-site automated teller machines, a call center and Internet bank.
In strategic business, the bank is a provider of corporate cash management & B2B solutions to leading local and multinational companies operating in the country. Its other lines of business are in Treasury services & capital markets, Internet banking, consumer finance and distribution network. It caters mostly banking needs of upper middle to upper social class in the Philippines.
Coins.ph is a financial services platform founded in 2014 by Silicon Valley entrepreneurs Ron Hose and Runar Petursson in Metro Manila, Philippines. In May 2017, Coins.ph raised $5 million in series A extension led by Naspers Ventures. The cryptocurrency company is among the few in the world to be duly authorized by a state monetary body in its location, in this case, the Bangko Sentral ng Pilipinas. Coins.ph has a Thai counterpart as well, coins.co.th, operating in the same manner, but for the Thai market.
UnionBank which is the 10th largest bank in the Philippines by assets has announced today a partnership with Coins.ph launching 11,000 cash-out remittance counters across a group of islands, including in rural or remote areas where citizens may have access to banking services. The cash-out remittance counters provide points of contact with the bank’s financial services ranging from smartphone applications to full remittance hubs.
UnionBank president and CEO Edwin Bautista said:
With the onset of this pandemic, it has become crucial that our products and services quickly adapt to the challenges presented in this new digital normal. This cash-out service is just one way for UnionBank to demonstrate its commitment to financial inclusion as we continue venturing forth in tech-ing up the Philippines.
UnionBank of Philippines released it’s cryptocurrency Automated Teller Machines [ATM] where users can trade the digital assets for Philippine Pesos last year. UnionBank partnered with xRapid powered e-wallet and monetary services company, Coins.ph to help perform the cash out.
Dragonpay and other local remittance firms, Cebuana Lhuillier, LBC, PeraHub and Palawan Express, are also providing services for UnionBank’s new counter network. Just 2 years ago, Ripple SVP for product Asheesh Birla and Cebuana Lhuillier president and CEO Jean Henri Lhuillier are flanked by (from left) Cebuana Lhuillier AVP for digital sales James Robert Afzelius, senior executive vice president Philippe Andre Lhuillier, Cebuana Lhuillier Services Corp. general manager and AVP Erlinda Sumanga, and Cebuana Lhuillier senior assistant vice president Rafael Ladao.
Cebuana Lhuillier becomes the first microfinancial services provider in the Philippines to use a blockchain network solution to quickly and conveniently transfer money from OFWs anywhere in the world to their families in the Philippines. The technology will use Cebuana Lhuillier’s 24K card and its remit-to-and-from-savings account card feature.