Union Bank of the Philippines has partnered with Metaco and IBM to launch a digital asset custody service. With over $15 billion worth of assets under its management, Union Bank is one of the largest universal banks.
Philippines’ Union Bank Gets Deeper into the Crypto Industry
Philippines’ Union Bank has shown great interest in crypto initiatives. Some initiatives have been blockchain payments with Visa, remittances with ConsenSys, and a launch of its very own stablecoin PHX.
IBM, Metaco, and Union Bank partnership will see the bank leverage Metaco’s Harmonize digital asset suite and IBM’s Cloud Hyper Protect Crypto Services. Swiss firm Metaco is a reputable digital asset custody firm with Standard Chartered, BBVA, DBS, and Gazprombank.
Union Bank of the Philippines first collaborated with Metaco last year in March. According to Metaco’s Vice President Seamus Donoghue, bringing on IBM with its clientele of most of the world’s banks completes the vision of the earlier partnership. IBM’s digital asset infrastructure is fully integrated with Metaco’s digital asset orchestration system.
Donoghue added that all the tier-one banks, probably IBM clients, can leverage existing stack and run capabilities to manage Metaco vaults directly from existing infrastructure.
Partnership to Provide Union Bank with Cutting Edge Technology
Implementing a digital asset management service is not the only benefit Philippines’ Union Bank gets from this partnership. The bank will also upgrade insurability with the additional FIPS 140-2 Level 4 certifies physical controls for managing and migrating keys. FIPS 140-2 Level 4 is the highest U.S. government computer security standard.
With the threshold signatures and hardened policies that the IBM, Metaco, and Union Bank partnership brings, the bank can minimize operational risk and loss events throughout its digital asset management service.
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