Union Bank Leaning on Hex Trust to Test Digital Asset Custody Service

August 18, 2021

The Union Bank of the Philippines, UnionBank, one of the country’s biggest by complete resources, is inclining toward Asia’s cryptographic money overseer Hex Trust to guide a digital resource custody service. Hex Trust will start by offering an interior assistance for the bank’s workers as a pilot run. The bank stated that it is hoping to take advantage of a developing computerized resource space as institutional and client premium develop.

UnionBank, one of the island country’s main 10 banks by all out resources, likewise said it is completely consistent in its most recent offering with the Philippines’ Bangko Sentral Pilipinas (BSP).

The following stage will include carrying out a completely popularized custody service for the bank’s clients, as per a public statement. The move will permit the bank to defend clients’ advanced resources for their sake inside a directed climate, the bank stated.

We are eager to be the main Philippine bank to direct a custody service for advanced resources for our own representatives, supervised by the BSP so we can set up the foundation for a protected a lot system for clients’ computerized resources, the bank’s central innovation and operations officer, Henry Aguda stated.

Hong Kong-based Hex Trust gives what it calls bank-grade custodial services for computerized resources and has assembled its answers focusing on banks, monetary foundations, resource administrators, trades and companies. Hex Trust has offices in Hong Kong just as Singapore and said it is extending to the European market all through the rest of this current year.

Last year, Hex Trust teamed with enterprise blockchain organization R3 to offer banking customers another option for giving security tokens utilizing R3’s Corda software improvement unit. It likewise professed to be working with probably the biggest bank.

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