METACO, the provider of security-critical software and infrastructure to the digital asset ecosystem, has announced that Union Bank of the Philippines is implementing its digital asset management services.
As noted in an update shared with CI, 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 crypto-asset orchestration system, METACO Harmonize.
The update also mentioned that UnionBank is one of the largest universal banks in the Philippines, with more than $15 billion in assets under management. As explained in the release, UnionBank will “leverage METACO Harmonize, METACO’s digital asset orchestration system, to manage its digital asset operations.”
UnionBank may enhance insurability with additional FIPS 140-2 Level 4 certified physical controls for “managing and migrating keys, mitigate potential operational risk and loss events through trusted threshold signatures and hardened policies, and address insider collusions with third-party audited source code deployments.” These capabilities are “supported by IBM Cloud Hyper Protect Services.”
METACO 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).”
UnionBank’s launch follows the recent opening of METACO’s Asia Pacific headquarters in Singapore, “established to ensure that METACO offers best-in-class services to UnionBank and other customers in the region.”
Patrick Enjalbal, VP Customer Success and MD, APAC at METACO, stated:
“We are proud to further expand our significant presence in APAC, with Union Bank of the Philippines, a national leader in banking services. METACO continues to grow at a significant pace. With the recent launch of our APAC headquarters in Singapore, we can ensure that we continue to offer best-in-class services to UnionBank and other customers and partners in the region.”
Established in 1982, UnionBank claims that it’s a leader in innovation in banking technology and was “one of the first institutions to launch electronic savings accounts in the country with the EON Cyber Account.” With more than 388 branches nationwide, UnionBank is “a key provider of corporate cash management and B2B banking services for local and multinational companies in the Philippines.”
Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer and Chief Transformation Officer, remarked:
“We have the passion for meaningful and sustainable reinvention. 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”
As the crypto-asset industry continues to mature, most organizations require optionality to “reduce the risk of third-party dependency, seeking to work with multiple vaults, sub-custodians, and liquidity providers,” the update noted.
Working with many different 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.”
The update further explained that 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.”