Philippines Digital Asset Exchange (PDAX) has strategically partnered with UnionBank of the Philippines to receive an investment as part of its growth plans based on blockchain technology in the Philippines.
The partnership will obtain the investments from UnionBank via its fintech subsidiary UBX and it aims to shape a global network of the financial services accessible to the majority of Filipinos across the world.
The strategic collaboration is considered as a great contribution towards driving a blockchain-based economy in the country syncing with the UnionBanks’s vision to set up a universal technology-based system in the country.
PDAX is convinced that the massive potential of Blockchain technology will reform the entire existing financial system of the Philippines and will form a close ecosystem of the countrymen spread across the world.
PDAX CEO and founder, Nichel Gaba is optimistic that the partnership will open new doors to alter the traditional system, which has infrastructural constraints. It will lead towards an advanced system that will bind the global Filipinos together with the access to new financial products and services.
Gaba said, “PDAX and UnionBank have always shared hard aspirations about financial technology in the Philippines and we are very excited about this partnership.”
He further added, “Today, blockchain technology- the technology behind Bitcoin is enabling cheaper remittances. For the longer term, it has the potential to revolutionize the way Filipinos transact, save and invest.”
Two Goals of the collaboration:
Two goals are broadly being anticipated out of this partnership.
- Financial Inclusion
- Digital Future
UnionBank has been a staunch promoter of financial inclusion and it perceives technology as the crucial part to achieve it. The President and CEO Edwin Bautista commented, “Technology enables prosperity for people as well as the economy. After all, what is good and prosperity if there is no inclusion?” He further added, “This partnership will support the digital assets ecosystem of our nation and enables inclusion for Filipinos.”
In line with this, the Chairman of UnionBank Justo Ortiz considers this partnership as an entrance into the strategic tokenization projects that will fuel the future economy and will revitalize millions of lives within the nation and across the borders.
PDAX, along with Union Bank, aims to make the platform more user-friendly and accessible to everyone. While propelling for digital reforms in assets and services, PDAX wants to support its customers for more ease in trading with alternative derivatives and assets.
As the world heads towards a digital revolution, Arvie de Vera, Senior Vice President and Head of Fintech group of UnionBank, said, “Digital exchange where tokenized assets are traded is a key pillar of the future economy.”
Philippines Digital Asset Exchange (PDAX):
Philippine Digital Asset Exchange (PDAX) is the crypto trading platform licensed by Bangko Sentral ng Pilipinas (BSP). It enables its customers to transact the cryptocurrencies directly through its fiat currency Philippine Peso (PHP).
PDAX recently has collaborated with BitMEX Ventures and ConsenSys to accelerate financial inclusion and accessible investing via crypto trading.