UnionBank in the Philippines will implement distributed ledger technology (DLT) to streamline the operations of small and medium-sized enterprises, as well as experiment with metaverses.
UnionBank’s San Pedro Innovation Center will work with local governments to improve the efficiency of SME funding through DLT and decentralized finance (DeFi) protocols. UnionBank specialists believe that this will strengthen trust between the participants in transactions and improve logistics for companies seeking to expand their activities.
UnionBank CIO Dennis Omila said that the bank will also explore the possibilities of metaverses, and the innovation center will become a kind of testing ground for the joint creation of blockchain-based solutions.
“We will promote digital transformation in enterprises and government institutions, and then we will start developing a unique solution that can be used in the local market and abroad. This will open up vast technological opportunities,” said Omila.
According to a survey by analytics firm Ciena, most Filipino workers prefer to work in virtual rather than traditional offices. Respondents have already mastered the tools for video conferencing, so they are quite ready to organize meetings in the metaverse.
In addition, a significant proportion of the Filipinos surveyed are already familiar with Web3 technologies and crypto assets thanks to the Ethereum-based game Axie Infinity, which is especially popular among locals. Last year, a local player managed to capitalize on the growth of the Small Love Potion (SLP) in-game token.
With cryptocurrencies becoming more and more popular in the Philippines, UnionBank is committed to meeting the needs of its customers. In August, the bank announced that it would soon launch a service for storing and trading cryptocurrencies.
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