- UnionBank located in the Philippines to roll out an extensive cash-out network to facilitate remittance in the region.
- This will now extend their reach to service the Filipinos in remote areas with almost zero access to financial amenities.
News has emerged that Philippines-based UnionBank will soon roll out an extensive remittance Network across the jurisdiction. The announcement on Tuesday reveals that the network will host over 11,000 remittance counters spread all over the Philippine Islands.
This will extend their reach as they are set to service unbanked rural-based residents that may not necessarily be in the proximity to financial services. The counters will be an endpoint for their banking services offering mobile support to a full cash-out hub.
Extend Collaboration with RippleNet’s Member
In a bid to align themselves to their new objective, they have elongated their collaboration efforts with Coins.Ph, a mobile remittance company, doubling as a crypto exchange, also operating within the Philippines jurisdiction.
Coins.Ph, which onboarded RippleNet in August 2018, leverages Blockchain technology and XRP to streamline Filipino cross-border money transfer systems offering instant settlements being received in the local currency. Coins.ph recently joined the Open Payments Coalition along with Ripple to help create PayID.
Meanwhile, XRP is currently ranked 4th by Coin360 and is trading at $0.189613, enjoying a trading volume of $186,147,156 in the last 24 hours. With a market cap of $8,386,285,985 there are currently 44,257,803,618 XRP in circulation as per this article.
Similarly, other local-based remittance platforms: Dragonpay, Cebuana, Lhuillier, LBC, PeraHub, and Palawan Express have onboarded UnionBank’s Network. They all fall under the regulatory purview of Philippines' central bank – Bangko Sentral ng Pilipinas.
UnionBank’s President and CEO, Edwin Bautista, has highlighted how the Covid-19 pandemic has made it essential to transition to the new digital era seamlessly. He has cited that the cash-out initiative is one of the ways the bank has displayed its willingness to embrace financial inclusion in the region.