RippleNet Member, Coins.ph Exchange, to Leverage UnionBank’s New Philippine Remittance Network

Union Bank’s President and CEO, Edwin Bautista, has highlighted how the Covid-19 pandemic has made it essential to transition to the new digital era

  • 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.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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