Union Bank of the Philippines has completed a remittance trial from Singapore to the Philippines leveraging blockchain technology.
For the trial, blockchain-based tokenised fiat was transferred from Singapore’s OCBC Bank to an account at Filipino lender Cantilan Bank.
UnionBank-UBX’s i2i blockchain-based platform and the Adhara liquidity management and payments platform were used in the pilot.
Commenting on the development, UnionBank president and CEO Edwin Bautista said: “i2i, which is the blockchain platform and which made the Philippine side possible, is now managed and operated completely by UBX, the fintech subsidiary of UnionBank.
“Enabling this pilot is the creation and use of UnionBank’s commercial bank-backed tokenised fiat called PHX, which will be officially launched very soon in the Philippines.”
i2i is designed to connect rural banks to one another and to UnionBank.
UnionBank senior vice president and head of the fintech business group Arvie de Vera said: “With the pilot’s use of i2i, rural banks can now receive direct-to-account remittances, and this is only the beginning.
“With this connected platform, other value added services can now be made accessible to rural banks.”
This November, the blockchain system will be showcased at Singapore Fintech Festival with remittance from Singapore to a Philippine rural bank.