UnionBank of the Philippines To Launch Blockchain Based i2i (island-to-island) Project
Even in the middle of a slump in the crypt market, blockchain is continuously finding new companies that are adopting the technology. UnionBank of the Philippines (UBP) has been taking initiatives to involve blockchain to improve their processes.
Recently, they are developing an i2i(island-to-island) blockchain drive to allow rural banks to obtain widespread access to the central banking network. At the same time, the same initiative aims to provide financial access to millions of unbanked rural Filipinos.
UBP Chairman Justo Ortiz stated that blockchain will enable small lenders to provide services to small and medium enterprises.
He said: “One of our mandates is to promote financial inclusivity, and with blockchain, we have cracked the code on it.”
He advertised numerous initiatives that UBP is doing to digitize banks. One of them is their partnership with global business networking platform GlobalLinker.
He stated, “The world is moving forward, and we already see solutions that make the whole ecosystem more efficient.”
Persiting circumstances in the Philippines are rigged against farmers who lose a lot of their profits to middlemen.
“Financial inclusion will help the livelihood of farmers and fishermen and will also help economic development,” Ortiz said.
The program recognizes that the country’s agriculture sector continues to disappoint and underperform but that greater financial inclusion through digital innovation can help address the problem.
UnionBank senior vice president and head of Platform Development Mon Duarte said the diverse solutions that were presented were very compelling.
“The diversity of the solutions presented was very interesting, and the ability of these young people in startups to come up with new things is impressive,” Duarte said.
The Union Bank of Philippines optimism within the cost saving involved with the blockchain technology has driven deployment of resources for further research.