The bank partnered with Singapore’s OCBC Bank to make the remittance via the Adhara liquidity management and international payments platform and UnionBank-UBX’s i2i platform.
A blockchain-based tokenised fiat was used to remit from OCBC Bank to an account holder at the rural Cantilan Bank in Surigao Del Sur.
The i2i blockchain-based platform connects rural banks to each other and UnionBank, with the aim of promoting financial inclusion for millions of unbanked Filipinos, while combating the long payment delays and high fees currently endured in rural areas.
