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Feb 26, 2018 @ 18:12

UnionBank taps Microsoft for bitcoin technology

 

This bank wants the most advanced technology for its business.

Union Bank of the Philippines (UnionBank) said it has signed a partnership with global firm Microsoft to explore the blockchain technology for its banking business.

In a statement, UnionBank said they are tapping Microsoft’s Azure platform to improve their digital systems, which is roughly the same technology used by bitcoin and other digital currencies.

“Blockchain technology will revolutionize financial services, and more so in a context like the Philippines where financial inclusion is such a challenge,” said Arvie de Vera, Head of Fintech at UnionBank.

“The Microsoft partnership has also been about sharing best practices and experiences. UnionBank is grateful to have the guidance of such a technology leader—one who has also undergone its own transformation,” de Vera added.

Trial runs between Microsoft and UnionBank have so far been successful, with the companies expecting good turnout for their deal.

“We stand together in the belief that financial service institutions need to ramp up digital transformation efforts to engage users and transform products,” said Hans Bayaborda, Managing Director and Country General Manager of Microsoft Philippines.

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