Union Bank of the Philippines Selects IBM, Metaco for Crypto Custody

One of the largest banks in the Philippines, UnionBank will leverage crypto custody solutions from IBM Cloud and Swiss custody specialist Metaco, the companies announced Thursday. IBM has been a landmark choice for enterprise blockchain solutions where private ledgers run inside the firewalls of companies involved. Through the integration with IBM and Metaco, UnionBank will work upon the insurability of assets with FIPS 140-2 Level 4 certified controls, the highest level of US government computer security standard.  In addition to detecting and responding to all unauthorized attempts at physical access, the protocol also protects against environmental factors like data loss or leak. “With the recent launch of our APAC headquarters in Singapore, we can ensure that we continue to offer best-in-class services to UnionBank and other clients in the region,” says Patrick Enjalbal, VP Customer Success managing director of Asia-Pacific region at Metaco. Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer, and Chief Transformation Officer, said in a statement: “We have a passion for meaningful and sustainable reinvention. We value our strategic partners, like METACO, and collaborate with them in an alliance that is meaningful in pursuit of a shared vision. And for UnionBank, that common vision is customer-centricity driven by emerging technologies and innovation.” Since 2018, Metaco has been providing crypto custody solutions in Switzerland for banks like BBVA and GazpromBank.  The company previously closed a Series A funding for $17 million last year. UnionBank, which has over $15 billion in assets under management, has been dipping its toes into crypto initiatives. Some of them include blockchain payments with Visa, remittances with Ethereum developer ConsenSys and even launching a stablecoin.

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