The Philippines is considered as a fertile ground for innovations in crypto assets and blockchain technology. The most recent development is the launch by the country’s Bureau of the Treasury, the UnionBank of the Philippines and crypto exchange PDAX a blockchain app called Bonds.ph for the distribution of government bonds. The new mobile app will allow Filipinos, particularly the unbanked, to invest in the government’s new retail treasury bonds and help the country raise funds to help with economic recovery and strengthen its response to the covid pandemic. Studies have shown that almost 77% of adults in the Philippines still do not possess a bank account. The mobile application is particularly aimed at providing easy investment options to the unbanked population of the country. The application will allow national citizens to easily invest in retail treasury bonds for as little as 5,000 Philippine pesos. App users will be able to make instant payments using internet payment services such as InstaPay, GCash, and Paymaya. They can also pay through internet banking or over-the-counter payment through their UnionBank accounts. The transactions are recorded in a DLT-based registry in addition to the existing system.
MAS TO WORK WITH PHILIPPINES
This story is from the November 2020 edition of Banking Frontiers.
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This story is from the November 2020 edition of Banking Frontiers.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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