Union Bank of the Philippines (UnionBank) has partnered with Web 3.0 and digital assets services provider Coins.ph for a joint initiative that will help make crypto and other emerging asset classes more accessible to the open market. UnionBank and Coins.ph made the partnership official through a memorandum of agreement signing ceremony that was held at the UnionBank Plaza in Pasig City last May 30, 2023.
Coins.ph President David Kao, Coins.ph Chief Financial Officer Lily Chen, Coins.ph Country Manager for the Philippines Jen Bilango, UnionBank Sales Director Bamm Bamm Roxas, UnionBank Fintech Business Group (FBG) Head Erika Dizon-Go, UnionBank Relationship Manager Honey Regala, and UnionBank FBG Assistant Vice President – Sales and Partnerships Gel Enriquez, attended the ceremony as representatives.
As part of the agreement, Coins.ph will offer preferential rates of its services to clients of UnionBank, specifically in the payments and remittance industries. The partnership covers four key services offered by Coins.ph which are: simple buying, selling, and conversion; spot trading; crypto wallet and custody features; and cash in and cash out.
Through its partnership with Coins.ph, UnionBank will be able to help its clients future-proof themselves especially amid the continuous rise in usage of crypto and crypto-enabled technologies. This is also one way to democratize accessibility of cryptocurrencies and further scale and promote adoption of the technology.
“We know that the crypto market has been on a slowdown for quite some time now, but we remain steadfast and ready once the bull market returns. When that happens, we want to be in the forefront to offer services with the help of our long-time partner Coins.ph,” said Enriquez. “We are positive that this partnership will bring a more open and digitalized future for our clients, the communities, and the country as a whole.”
“We wanted to partner with UnionBank, because at the end of the day, what’s most important for us and for the community at large is to make it accessible and easy for people to buy, sell, and trade crypto,” stated Bilango. “Through this partnership, it allows us to build trust and drive wider adoption of cryptocurrencies in the country, unlocking new financial opportunities for the public.
“This product launch that is now available under the Bank’s DBS [Digital Business Solutions] Referral Program is instrumental so that the crypto offerings powered by Coins.ph can now be made available through other platforms that will provide more reach for UnionBank customers,” said Roxas. “This remarkable partnership truly forges a stronger bond between Coins.ph and UnionBank. We are looking forward to the success of this product.”
This partnership presents an opportunity for UnionBank to add more ways of being open to the content creation economy by doing collaborations and partnerships via embedding new services for UnionBank’s clientele. This is also part of the digital service push as UnionBank welcomes the innovation ecosystem to the Open Finance Center of Excellence.