A bank from the Philippines has recently revealed that it has completed a pilot of a blockchain-based cross-border remittance from the Philippines to Singapore.
The pilot was made possible through the partnership of Philippine-based UnionBank and Singaporean bank OCBC Bank where in they used the Adhara liquidity management and international payments platform and UnionBank-UBX i2i platform to make the remittance.
If proven successful and pass regulatory scrutiny it would provide millions of unbanked Filipinos the ability to use financial services via Rural banks to the country’s main financial network.
According to Arvie de Vera, Senior vice president at Unionbank and head of the fintech business group, with i2i rural banks can now receive direct-to-account remittances as well as other value added services which will enable them to have access to universal banking services and pass on to their customers.
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