Union Bank of the Philippines (UnionBank) and Coins.ph, a Web3 and digital assets services provider, announced their partnership that aims to “make crypto and other emerging asset classes more accessible to the open market,” the bank said in a release.
The joint initiative was made official in a signing ceremony at the UnionBank Plaza in Pasig late May. It was attended by executives from both companies, namely Coins.ph President David Kao, Coins.ph Chief Financial Officer Lily Chen, Coins.ph Country Manager for the Philippines Jen Bilango, UnionBank Sales Director Bamm Bamm Roxas, UnionBank Fintech Business Group (FBG) Head Erika Dizon-Go, UnionBank Relationship Manager Honey Regala, and UnionBank FBG Assistant Vice President – Sales and Partnerships Gel Enriquez.
Under the partnership, Coins.ph “will offer preferential rates of its services to clients of UnionBank, specifically in the payments and remittance industries.” The services covered under the agreement are simple buying, selling, and conversion; spot trading; crypto wallet and custody features; and cash in and cash out.
UnionBank added that it aims to help its customers “future-proof themselves,” through the bank’s partnership with Coins.ph, and “democratize accessibility of cryptocurrencies and further scale and promote adoption of the technology.”
“This product launch that is now available under the Bank’s DBS [Digital Business Solutions] Referral Program is instrumental so that the crypto offerings powered by Coins.ph can now be made available through other platforms that will provide more reach for UnionBank customers,” said UnionBank Sales Director Bamm Bamm Roxas. “Through this partnership, it allows us to build trust and drive wider adoption of cryptocurrencies in the country, unlocking new financial opportunities for the public,” added Coins.ph Country Manager for the Philippines Jen Bilango.
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