Blockchain Firm METACO Selected By Union Bank to Orchestrate its Digital Asset Custody Operati​​ons

Announcements, Blockchain, News | January 21, 2022 By:

Union Bank of the Philippines has selected blockchain and cryptocurrency specialist METACO to implement its digital asset management services.

UnionBank is one of the Universal Banks in the Philippines. The bank is a joint consortium among the Aboitiz Group, Insular Life and Social Security System. It started operations in 1981 and became a commercial bank on January 19, 1982. In July 1992, UnionBank was granted the license to operate as a universal bank.

Established in 2015, METACO has developed specialist, high-grade cryptographic solutions that can be fully integrated into a bank’s core processes. The firm also offers SILO, an integrated hot-to-cold wallet management solution for financial institutions. SILO enables large financial institutions to securely integrate cryptocurrencies, tokens, and distributed ledger use-cases into their core infrastructure. Its unique framework for digital asset custody, transaction management, trading, and tokenization has made it the leading choice for banks and exchanges.

Under the partnership, UnionBank will leverage METACO Harmonize, METACO’s digital asset orchestration system, to manage its digital asset operations. UnionBank can improve 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.

According to METACO, its digital asset orchestration system 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).

“We are proud to further expand our significant presence in APAC, with Union Bank of the Philippines, a national leader in banking services,” said Patrick Enjalbal, VP Customer Success and MD, APAC at METACO. “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.”

“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”, said Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer and Chief Transformation Officer.