Business

UnionBank partners with IBM, METACO for digital assets custody operations

Union Bank of the Philippines (UnionBank) announced that it will be implementing its digital asset management in partnership with METACO, a security-critical software and infrastructure and IBM Cloud.

The Aboitiz-led UnionBank has over $15 billion in assets under management and is one of the legacy banks that have continuously innovated and leveraged digital technologies. The bank, which was founded in 1982, is was one of the first institutions to launch electronic savings accounts in the country with the EON Cyber Account.

UnionBank is deploying services on IBM Cloud, in order to leverage the confidential computing capabilities of IBM’s digital asset infrastructure which are fully integrated with METACO’s digital asset orchestration system, METACO Harmonize.

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Based in Switzerland, METACO’s product Harmonize enables institutions to manage a range of end-to-end digital asset use cases from cryptocurrency custody and trading to tokenization, smart contract management, and decentralized finance (DeFi). METACO established its Asia Pacific (APAC) headquarters in Singapore recently.

As the digital asset industry matures, most organizations require optionality to reduce the risk of third-party dependency, seeking to work with multiple vaults, sub-custodians, and liquidity providers. Working with numerous service providers creates additional complexity. Institutions face challenges in terms of security, and scalability, with a proliferation of access points weakening end-to-end processes. METACO Harmonize manages this complexity and mitigates the risks in working with an ecosystem of partners by acting as the overarching policy layer to ensure tight management of digital asset operations, coupled with a single point of integration to its various internal systems.

“We have the passion for meaningful and sustainable reinvention,” said UnionBank executive Henry Aguda. “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.”