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Philippines’ UnionBank Leans to Hex Trust as Digital Asset Custodian

Philippines-UnionBank-Taps-Hex-Trust
  • UnionBank is leaning to Hex Trust for digital asset custody services.
  • It aims to move into a maturing digital asset space as customers’ interest grows.
  • Hex Trust will give internal services to UnionBank’s employees as a test run.

UnionBank is one of the Philippines’ leading banks by total assets. Promising customers a high level of service at all times, the banking giant always ensures that they use advanced technology in their services.

Recently, UnionBank shared the news of their partnership with Hex Trust, Asia’s leading digital asset custodian.

Henry Aguda, the bank’s Chief Technology and operations Office stated:

We are excited to be the first Philippine bank to pilot a custody service for digital assets for our own employees, overseen by the BSP so that we can prepare the groundwork for a safe and protected system for customers’ digital assets.

This decision aims to test a digital asset custody service for Unionbank. Since the banking sector’s digital space is maturing, this move is very much needed to match customers’ growing interest. In fact, due to the rising need of customers for digital banking, Unionbank’s decision is actually timely.

As such, Hex Trust is a  major Hong Kong-based custodian for digital assets. Also, it has a good record of working with leading banks internationally.

This way UnionBank will be able to enhance customers’ banking experience.  Additionally, it will make them feel secure with their digital dealings. Notably, this will be a first in the Philippines banking industry and surely become a thing in the next few years.

Overall, this will be another reason for UnionBank to top the list of banking giants in the Philippines. It is very likely that this will change the entire system to a whole new level of digital banking.

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Cho Amisola is a passionate writer for both creative writing and digital publishing. She’s been featured and published in both areas and is now focusing on blockchain news.