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UnionBank of the Philippines partners with IBM and Metaco to aid digital asset custody operations


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UnionBank — one of the largest banks in the Philippines, has just partnered with enterprise crypto platform Metaco, and IBM. The partnership will see the bank which boasts of $15 billion asset under management (AUM), integrating Metaco’s solutions while also deploying its digital asset management services on IBM Cloud.

UnionBank To Leverage Metaco’s Solutions

With this partnership, UnionBank is looking to improve the insurability of assets with the highest grade U.S. government computer security standard, the FIPS 140-2. The FIPS 140-2 will help the bank to detect and respond accordingly to breaches. It will also mitigate against environmental factors that often have the potential of leading to leaks and data loss.

However, Metaco being a platform for issuing, trading, managing, and securing digital assets, will have its solutions do well for UnionBank. With these solutions, UnionBank may now tap into use cases like tokenization, trading, smart contract management and more DeFi activities.

This Was In Pursuit of A Shared Vision — Henry Aguda

Speaking about the partnership, UnionBank’s high-ranking official, Henry Aguda has expressed his pleasure. His statement reads in part:

“We value our strategic partners, like METACO, and collaborate with them in an alliance that is meaningful in pursuit of a shared vision.”

Aguda then adds that the vision for UnionBank has always been centered around customers and driven by emerging technological innovations.

In 2021, Metaco entered into a collaboration with IBM Cloud to deploy its digital asset management system on IBM. Founded about eight years ago in Switzerland, Metaco had already completed a Series A funding for $17 million close to the tail end of 2020.

In addition, Metaco is responsible for providing the back-end crypto custody capabilities for most Switzerland banks. Some of its clients include banks like BBVA and GazpromBank and they’ve been in partnership since around 2018.

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mayowa adebajo
mayowa adebajo
Mayowa Adebajo is a fintech enthusiast with a decade long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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