Philippine Bank Completes Testing Blockchain for International Payments

Philippine bank UnionBank has announced the successful completion of a pilot project on the use of the blockchain for international money transfers.

In a press release, it is reported that the Singapore-based OCBC Bank and the platform for managing liquidity and international payments Adhara also participated in the pilot project. For making payments, the i2i platform developed by UnionBank was used.

The blockchain system will provide an opportunity for millions of people in the Philippines who do not have access to banking services to use financial services. To this end, it is planned to connect the provincial banks to the country’s overall financial network.

As Melchor Plabasan, an employee of the Central Bank of the Philippines on technology risks and innovations, told the regulator, the regulator expects that the use of the blockchain will help in the development of payment and settlement services.

“Thanks to the use of the i2i platform, the provincial banks will be able to receive money transfers directly to the account. The platform will also allow the use of other additional services, which will give rural banks access to universal banking services, ”UnionBank Vice President Arvie de Vera said.

The head of the Singapore Financial and Credit Division (MAS), Sopnendu Mohanty, noted that he is very pleased to see how the potential of the blockchain is being realized. He stressed that this project is very important for rural areas and will have deep economic and social consequences.

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Earlier, the Central Bank of Singapore recognized the potential of the blockchain for international payments.