UnionBank Picks METACO and IBM to Set Up Its Digital Asset Custody Operationsby Fintech Philippines January 20, 2022
The Union Bank of the Philippines has selected METACO, a provider of security-critical software and infrastructure to the digital asset ecosystem, to implement its digital asset management services.
The bank will leverage METACO Harmonize which is its digital asset orchestration system to manage its digital asset operations.
METACO Harmonize enables institutions to manage a range of end-to-end digital asset use cases from cryptocurrency custody and trading to tokenisation, smart contract management and decentralised finance (DeFi).
With this move, UnionBank can improve insurability with additional FIPS 140-2 Level 4 certified physical controls for managing and migrating keys, mitigate potential operational risk and loss events through trusted threshold signatures and hardened policies, and address insider collusions with third-party audited source code deployments.
UnionBank will be deploying the services on IBM Cloud which is fully integrated with METACO Harmonize.
This partnership with UnionBank follows the recent opening of METACO’s Asia Pacific headquarters in Singapore.
Patrick Enjalbal, VP Customer Success and MD, APAC at METACO commented,
“We are proud further to expand our significant presence in APAC, with Union Bank of the Philippines, a national leader in banking services. METACO continues to grow at a significant pace.
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 customers and partners in the region.”
Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer and Chief Transformation Officer said,
“We have the 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 common vision.
And for UnionBank, that common vision is customer centricity driven by emerging technologies and innovation.”