Blockchain Assists Philippines UnionBank in Reducing Operational Costs

UnionBank of the Philippines (UBP) has successfully implemented blockchain technology within its operations, resulting in reduced operational costs and a deeper understanding of the technology’s potential applications.

During the recent Philippine Investment Forum, UnionBank’s President and CEO, Edwin R. Bautista, shared that the bank has introduced several internal blockchain applications to streamline its daily operations.

As one of the leading banks in the country to adopt blockchain, Bautista expressed the bank’s commitment to further “blockchainizing” its internal processes in order to achieve even greater cost savings. UBP has identified numerous processes among its over 700 internal functions that are well-suited for a transition to blockchain technology.