MANILA: The Aboitiz Group's Union Bank of the Philippines (UnionBank) and local cryptocurrency exchange operator Philippine Digital Asset Exchange (PDAX) Inc. have signed an agreement to offer cryptocurrency payment services.
The non-binding agreement forged by both firms aims to provide "cutting edge solutions" for fintech companies; technology companies; digital service companies; micro, small and medium-sized companies and corporate clients of UnionBank through the crypto-as-a-service scheme.
Crypto-as-a-service provides a digital infrastructure for businesses to facilitate transactions made in cryptocurrencies.
"I wish to thank PDAX for embarking on this journey with UnionBank as we envision, co-create and 'technify' organizations that aim to include crypto services in their key offerings, primarily those in the payments segment," UnionBank fintech Andrew Garcia, associate vice president of sales for the business group, said in a statement.
โThe path to digitization is rarely a straight line, so we always need partners like UnionBank who have taken industry leadership to make our industry firmly engaged. [to] that way. So, we sign this [agreement] today to join you in making digital services more accessible,โ said Nichel Gaba, CEO and founder of PDAX.
UnionBank is on a mission to improve Philippine technology
Garcia expressed hope that the memorandum of understanding signed by UnionBank and PDAX would pave the way for a "more open and digitized future." standard bank product offerings.
Cybersecurity threat
Meanwhile, Russia-based cybersecurity firm Kaspersky has warned against an increase in phishing activities involving cryptocurrency, noting that cryptocurrency-related scams in the Philippines skyrocketed by 170 percent the previous year.
Cryptocurrency phishing increased 170% in PH in 2022
Kaspersky recorded 64,080 cryptophishing events in the Southeast Asia region. Globally, cyber threats grew by 40% to 5.04 million.
Hackers exploit unsuspecting victims through phishing emails, tricking users into divulging their personal information.
UnionBank said the latest commitment strengthens its defense of Tech-Up Pilipinas, which serves as a cornerstone of its digital strategy.
The listed bank reported net income of P3.4 billion in the first three months of the year, while net income increased by 57 percent to P16.1 billion.
Its net loans and receivables rose 39 percent to P490 billion. Additionally, total deposits increased 20 percent to nearly P693 billion. INQ
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