Home Crypto Union Bank of Philippines Cooperates with Hex Trust for Promoting Pilot Digital Assets Custody Service

Union Bank of Philippines Cooperates with Hex Trust for Promoting Pilot Digital Assets Custody Service

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Union Bank of Philippines Cooperates with Hex Trust for Promoting Pilot Digital Assets Custody Service

Union Bank of Philippines (UnionBank) introduced Wednesday the financial institution has paired with Hong Kong-based Hex Trust to pilot digital property custody service.

In response to maturing area and rising curiosity in digital property and blockchain expertise, and the necessity for belief and controlled establishments to handle digital property from retail and institutional traders, this partnership will begin by Hex Trust to supply inner providers for the financial institution’s workers as a trial run, earlier than “totally commercialised digital property service” to the general public, in response to the press launch.

UnionBank believes the cooperation will assist the financial institution enter the digital asset sector as a pioneer by totally complying with compliance with Bangko Sentral ng Pilipinas (BSP) regulation.

Henry Aguda, Chief Technology and Operations Officer, Chief Transformation Officer of the Union Bank of the Philippines, indicated that the market demand within the varied kinds of digital property, together with cryptocurrency, NFTs, or tokenised property are arising, he stated within the assertion:

“We are excited to be the primary Philippine financial institution to pilot a custody service for digital property for our personal workers, overseen by the BSP, in order that we are able to put together the groundwork for a protected and guarded system for clients’ digital property,”  

The HK-based Hex Trust stated the corporate gives “bank-grade service” to their clients. Calvin Shen, Head of Sales & Business Development of Hex Trust, stated:

“Hex Trust’s collaboration with UnionBank permits safe entry to the digital asset ecosystem by way of our award-winning enterprise-level custody platform. Millions of the financial institution’s clients will quickly have entry to this new asset class,”

In May, Hex Trust has paired with Chianalysis to supply a compliance-driven custody answer for monetary establishments. The Trust can also be increasing to the European market on this remaining yr, the corporate stated.  

Image supply: Shutterstock

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