Following its partnership with Swiss-based technology company Metaco, the Union Bank of the Philippines has now launched a cryptocurrency trading service for its clients.

According to the shared announcement, retail customers can now access the cryptocurrency trading service on Metaco’s digital asset platform, Harmonize, as it is now operational.

Commenting on this news, Henry Aguda, Union Bank’s Chief Technology Officer and Chief Transformation Officer, said that the partnership with Metaco has been part of the bank’s goal to provide customer-centric services in the Philippines. He also pointed out that Union Bank is the first regulated bank in the country to provide clients with a digital asset exchange function.

“UnionBank’s collaboration with its strategic partner Metaco has been instrumental in the bank’s quest to realize its vision of providing superior customer-focused services to the Philippine market,” said Henry, “We are proud to continue the series of firsts in UnionBank industry, being the first regulated bank in the country to enable digital currency exchange features for customers.”

Metaco is an enterprise cryptocurrency company founded in 2015 that enables financial and non-financial institutions to run their digital asset business securely.

Founded in 1982, Union Bank is one of the largest banks in the Philippines, with assets under management totaling $15 billion. The bank integrates digital asset management services in the IBM Cloud through the Metaco solution.

Notably, Union Bank’s collaboration with Metaco to enhance cryptocurrency trading and custody services was initially revealed in January. Since then, the bank has been interested in promoting crypto services both in line with consumer demands and general industry trends.

As Blockchain.News reported in 2021, the bank partnered with Hong Kong-based Hex Trust to pilot the digital asset custody service. Back then, Union Bank hoped that the cooperation would lead to its pioneering entry into the digital asset sector in the Philippines.

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