UnionBank has partnered with the Philippine Bureau of the Treasury to launch a blockchain-enabled mobile app to distribute government-issued treasury bonds, the media reported.
According to UnionBank president and chief executive officer Edwin R. Bautista, the blockchain-enabled mobile application is Asia’s first retail treasury bond issuance to leverage on blockchain technology.
He told the media, “This is the first retail treasury bond issuance to leverage on blockchain technology – in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.”
Treasurer De Leon, Finance Secretary Carlos Dominguez and UnionBank vice Chairman Justo Ortiz onsite, together with BSP Governor Benjamin Diokno and National Economic and Development Authority (NEDA) Secretary Karl Kendrick Chua virtually, did a demo of the blockchain-enabled app at the official launch held earlier this week.
With regard to the launch of the blockchain-enabled app in partnership with UnionBank, the National Treasurer of the Philippines, Rosalia V. De Leon told the media, “The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24. The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response.”
Through the mobile application, Filipinos will be able to easily invest in retail treasury bonds for as little as 5,000 Philippine pesos. App users will be able to make instant payments using internet payment services such as InstaPay, GCash and Paymaya.