Copy link
Increase text size
Decrease text size
Link copied

Philippines' UnionBank launches new PHP-pegged stablecoin 'PHX'

Judgefloro [CC0]

Tue, 30 Jul 2019, 04:06 am UTC

UnionBank of the Philippines has rolled out its own cryptocurrency dubbed PHX to connect rural banks through its blockchain platform, according to The Philippine Star.

Pegged to the Philippine peso (PHP), PHX is already implemented on the bank’s i2i blockchain platform.

PHX is a stable store of value, medium of exchange and is a programmable token with self-executing logic. It enables transparent and automatic execution of payments,” Arvie de Vera, UnionBank Senior Vice President and Head of the Fintech Business Group, said.

As per the report, three rural banks have successfully conducted live transactions, including purchasing, buying, transferring, and redeeming transactions and domestic remittances, via the bank’s blockchain technology. The participating financial institutions are Summit Rural Bank in Luzon, the Progressive Bank in the Visayas, and the Cantilan Bank in Mindanao.

The report also revealed that in the initial stage, participants of the i2i blockchain platform can buy PHX by making direct debits from their accounts in UnionBank. The processes of converting PHX to PHP and withdrawing the funds in fiat to bank accounts would be easy for i2i users.

In addition, de Vera noted that the new platform ensures the governance and past reconciliation challenges are no longer issues and that compliance and audit are now made simpler. Also, because of the interoperable design of PHX, it can be used across different wallets and platforms on a global level.

Project i2i, which means island-to-island, institution-to-institution, and individual-to-individual, is a clearing system of UnionBank that connects rural banks through blockchain. By far, five rural banks have piloted the i2i.

The news also revealed that the Aboitiz-led bank also made history, becoming the country’s first financial institution to successfully conduct a pilot blockchain-based remittance from Singapore to the Philippines via its partnership with OCBC Bank.

Meanwhile, Ping An’s Insurance financial technology unit OneConnect also recently partnered with UBX< the fintech subsidiary of UnionBank, to use blockchain to offer financial services to micro, small, and medium enterprises.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,780.33 (-1.35%)
  • Ethereum (ETH) $251.98 (-5.90%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $402.74 (-9.02%)
  • Bitcoin SV (BSV) $273.85 (-13.71%)
  • Bitcoin (BTC) $9,780.33 (-1.35%)
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
11:48
Blockchain insurance startup B3i completes 30 reinsurance contracts on its platform
11:47
Crypto Technicals: TRON (TRX) confirms 'Golden Cross' on the daily charts, eyes 61.8% Fib at 0.0297
11:04
Crypto investment firm Galaxy Digital lays off 15% of its workforce
10:18
Circle now seeks to sell off crowdfunding unit SeedInvest: Report
09:47
SBI Crypto enters into blockchain cooperation partnership with Northern Data
09:25
Wells Fargo invests $5M in crypto monitoring firm Elliptic
09:01
Crypto Technicals: XRP/USD pauses at 0.34 handle, consolidation likely before next leg higher
07:37
Election Commission of India looks to blockchain to tackle lost votes
06:26
Crypto Technicals: 'Spinning Top' dents upside in ETH/USD, technical bias remains bullish
06:20
Crypto lending startup BlockFi secures $30M in Series B financing
05:20
Crypto Technicals: BTC/USD holds above 10,000 mark, trades rangebound at 5-DMA support
04:53
IOTA Foundation investigates fund theft in Trinity wallet
Feb 13, 2020 (Thursday)
12:20
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:19
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:19
U.S. Treasury Department’s FinCEN working on new crypto regulations
11:47
Defense contractor BAE Systems is hiring ‘cryptocurrency exploiters’
11:07
DTCC calls for industry consortium and comprehensive framework to address DLT security risks
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft