Not a lot of banks in the Philippines are pen to the idea of adapting Blockchain.
It is new and "seems" to be unstable on the surface which scares a lot of banks and companies in general.
It takes true mavericks to bravely take the leap such as one of the big names in the banking industry in the Philippines, UnionBank.
This means tapping blockchain, the technology behind bitcoin and other cryptocurrencies, said UnionBank president and CEO Edwin Bautista.
"The blockchain technology is one of those technologies that are predicted to really alter the face of banking," Bautista said.
Last January 22, UnionBank announced that it would offer the country’s first blockchain payment system for businesses called Visa B2B Connect.
By using blockchain, the Visa B2B Connect allows fund transfers to be completed in real time or within 24 hours instead of 3 to 5 days using conventional channels. The system is also predicted to lower transaction costs when it becomes fully operational later this year, according to UnionBank.
"At the start, we said we need to defend ourselves against the fintechs (financial technology firms) that will be encroaching on our space, then it dawned on us that... Hey, this is an opportunity to enter a new market for us, and at the same time we help the economy, we help the country." --- VERY WELL SAID, sir! :)
Seems to me that a very bright future is ahead for our country :)