UnionBank first universal bank in PH to offer virtual asset exchange services via mobile banking app

Union Bank of the Philippines (UnionBank) is now poised to become the first universal banking entity in the country to offer virtual asset exchange services through its mobile banking app, marking another major milestone towards future-proofing the bank while creating customer-centric solutions powered by technology and innovation. 

Through the new feature, UnionBank customers can now purchase and sell Bitcoin (BTC) directly from the UnionBank mobile banking app without the need for a third-party virtual asset wallet. This eliminates the need for multiple apps and makes buying and selling BTC easier and convenient like never before.

The new feature will be rolled out to randomly pre-selected UnionBank customers, who will be able to see the Virtual Asset functionality in their app. The launch is in compliance with the Bangko Sentral ng Pilipinas’ (BSP) regulation on Virtual Asset Services, with the Bank eyeing a wider roll-out in the near future.

With blockchain a major component of its future-proofing strategy, UnionBank has been hard at work in exploring new use cases for the said technology and its offshoots such as cryptocurrency. This also aligns with the Bank's efforts in expanding its footprint in the metaverse, after its first entry into the space through its partnership with homegrown NFT game Ark of Dreams last April. The Bank is also eyeing the launch of the country’s first-ever Metaverse Center of Excellence sometime in the next few months.