Union Bank of the Philippines selects UK-based METACO for digital asset custody security
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Union Bank of the Philippines selects UK-based METACO for digital asset custody security 20 January 2022Philippines Reporter: Jenna Lomax
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Union Bank of the Philippines (UnionBank) has selected METACO’s digital asset management services to further secure its digital asset custody operations.
UnionBank, will leverage METACO Harmonize, METACO’s digital asset orchestration system to manage and migrate keys, mitigate potential operational risk and loss events through trusted threshold signatures and hardened policies, and address insider collusions with third-party audited source code deployments.
METACO Harmonize enables institutions to manage a range of end-to-end digital asset use cases from cryptocurrency custody and trading to tokenisation, smart contract management and decentralised finance (DeFi).
The solution ensures tight management of digital asset operations, coupled with a single point of integration to its various internal systems. METACO Harmonize will be supported by IBM Cloud Hyper Protect Services.
The mandate follows the recent opening of METACO’s Asia Pacific (APAC) headquarters in Singapore.
Established in 1982, UnionBank was one of the first institutions to launch electronic savings accounts in the Philippines with the EON Cyber Account.
With more than 388 branches nationwide, UnionBank is a key provider of corporate cash management and B2B banking services for local and multinational companies in the Philippines.
Patrick Enjalbal, vice president of customer success and managing director of APAC at METACO, comments: “We are proud to further expand our significant presence in APAC, with Union Bank of the Philippines, a national leader in banking services. With the recent launch of our APAC headquarters in Singapore, METACO can ensure that we continue to offer best-in-class services to UnionBank and other customers and partners in the region.”
Henry Aguda, senior executive vice president, chief technology and operations officer and chief transformation officer at UnionBank, says: “We value our strategic partners, like METACO, and collaborate with them in an alliance that is meaningful in pursuit of a common vision. And for UnionBank, that common vision is customer centricity driven by emerging technologies and innovation.”
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