UnionBank of the Philippines is set to launch Bitcoin trading on its mobile app in the fourth quarter of 2023, having obtained a license from the Bangko Sentral ng Pilipinas (BSP) this month.

The bank is said to be the first and only universal bank in the Philippines with a full virtual asset service provider (VASP) license.

The PhilStar Global quoted UnionBank’s President and CEO Edwin Bautista saying,

“By obtaining this license, we are not only paving the way for even more groundbreaking opportunities, but also enhancing our digital capabilities and further transforming the way our customers interact with us.”

UnionBank’s Chief Technology and Operations Officer Dennis Omila added,

“Through these new services, we are empowering them to be able to navigate this new space with confidence.”