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UnionBank of the Philippines (UBP), one of many largest banks within the Philippines, has change into the primary monetary establishment within the nation to make the most of blockchain know-how to situation bonds. UnionBank has launched its public provide of digital peso bonds.
In a Could 23 press launch filed with its disclosure to the Philippines Inventory Alternate, the financial institution revealed that the bonds may have a minimal situation dimension of PHP1 billion (about $19 million at present alternate charges).
The general public providing will final from Could 24 to Could 27. The bonds will then be issued on June 20, 2022, at which period they will even be listed on the Philippines Dealing and Alternate Company. (PDEx) for buying and selling within the PDEx Fastened Revenue Market.
The bonds may have a tenor of 1.5 years, and holders will earn a hard and fast price of three.5% every year. The bonds are being issued as a part of UnionBank’s 36 billion pesos Bonds Program.
UnionBank additional famous that the transfer is made doable by its partnership with the Philippines Depository and Belief Company (PDTC). The financial institution is a pilot consumer of the PDTC’s proof of idea (POC) Digital Registry and Digital Depository. The PDTC platform makes use of blockchain know-how for registry and depository operations.
“(UnionBank) has all the time been among the many first to embrace technological improvements to empower its prospects. It embraces the way forward for banking and is devoted to being the Philippines main digital belongings financial institution to finest serve the rising wants of Filipinos all over the place,” the press assertion mentioned.
It additionally named the Hongkong and Shanghai Banking Company Restricted (HSBC) and Commonplace Chartered Financial institution (SCB) because the joint lead arrangers and bookrunners on the transaction. The 2 banks are additionally joint promoting brokers for the providing.
UBP pioneering digital forex adoption in Southeast Asia
UBP has lengthy been open to digital forex adoption. Way back to 2018, the financial institution launched a stablecoin known as the UPX. In January, the financial institution additionally introduced plans to launch digital forex buying and selling and custodial companies as reported by Bloomberg.
The financial institution, which has over $15 billion in belongings below administration, has usually highlighted that there’s a lot of enthusiasm for digital forex adoption amongst Filipinos. Nonetheless, extra schooling is required for each traders and regulators.
Amidst the rising adoption of digital currencies, market regulators have warned of the risks of digital currencies. The Bangko Sentral ng Pilipinas (BSP), the nation’s central financial institution, has issued a number of warnings to banks and customers. It has highlighted the dangers of digital forex Ponzi schemes, scams, and play-to-earn video games going bust.
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