UnionDigital Bank has announced that it is considering entering the non-fungible token (NFT) market, according to a Business Mirror report on Tuesday, December 21.
Speaking at a roundtable on virtual media on December 15, UnionDigital Bank CEO Ramon Vicente de Vera said the bank has a “lively interest” in digital art.
There are currently around 250 FinTechs operating in the Philippines at the moment, which de Vera said was an indication that the economy was ready to accept NFTs and that cryptocurrency could do well there.
“We’re also the best at using social media in the world for six years in a row,” added de Vera. “The Philippines is also the world’s largest Internet user, averaging 10 hours and 56 minutes a day. “
UnionDigital, a subsidiary of UnionBank, is the only Philippine publicly traded bank licensed to operate a native digital bank.
Henry Rhoel R. Aguda, senior executive vice president of UnionBank, said the bank was working alongside another company, not affiliated with the government, to pilot its digital asset custody service.
Aguda is also the lender’s director of technology, operations and transformation. He said the bank had other plans to help workers in the odd-job economy and that it would do something about the metaverse.
He said the digital transitions the bank is making have helped it survive the pandemic, adding that they “have changed the way we live, the way we travel, the way we interact with each other.” , and that the financial sector, too, had been forever changed.
Earlier this year, PYMNTS announced that UnionBank had partnered with Visa to help FinTechs develop personalized payment gateways.
See also: Visa and UnionBank collaborate to deliver personalized payment gateways to FinTechs
According to the companies, the collaboration aimed to create “relevant payment solutions” by engaging with FinTechs, including enabling easy and secure money transfers.
FinTechs will now have access, it seems, to the kinds of technology they would have if they were a much bigger company like Visa.