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UnionBank, Hex Trust team up on digital asset custody
Philippine lender sees growing interest in cryptocurrencies and tokenized assets
The Asset 26 Aug 2021

Union Bank of the Philippines has partnered with Hex Trust to pilot the lender’s digital asset custody service. The collaboration will start with Hex Trust providing digital asset custody as an internal service for UnionBank employees, as a pilot run, to prepare for the next stage – a fully commercialized digital asset custody service for the bank’s customers.

The bank says the service is in full compliance with the rules and requirements of Bangko Sentral ng Pilipinas (BSP), the country’s central bank and banking regulator.

The tie-up will enable UnionBank to respond to the needs of customers who are now looking for a trusted and regulated institution to safekeep their digital assets. It also allows the industry to continue growing and, together with the BSP, remain safe and regulated for new and existing investors, the bank says.

“Digital assets are here to stay, whether it be in the form of cryptocurrency, NFTs (non-fungible tokens) or tokenized assets, and we are seeing more market demand for these, says Henry Aguda, UnionBank’s chief technology and operations officer and chief transformation officer. “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.”

Hex Trust is a fully licensed, insured financial institution that provides bank-grade custody for digital assets.  It has already established itself as the leading digital asset custodian in Asia and has a range of banks, financial institutions, and digital asset companies as clients. Hex Trust recently won a Best Custody Specialist, Digital Assets award in The Asset Triple A Sustainable Investing Awards for Institutional Investor, ETF, and Asset Servicing Providers.

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