Mitako, One of the providers of critical security software and infrastructure for the digital asset ecosystem, has announced that Union Bank of the Philippines (UnionBank) It implements its own digital asset management services. UnionBank deploys services on the IBM Cloud, in order to take advantage of the confidential computing capabilities of IBM’s digital asset infrastructure that are fully integrated with the METACO Harmonize system for organizing digital assets.
UnionBank, one of the largest global banks in the Philippines, with more than $15 billion in assets under management, will leverage METACO Harmonize, METACO’s digital asset coordination system, to manage digital asset operations. UnionBank can improve lockability with additional FIPS 140-2 Level 4 certified physical controls for key management and migration, mitigate operational risk and potential loss events with trusted threshold signatures and tight policies, and handle internal collusion with audited source code deployments. from an external party. These capabilities are supported by IBM Cloud Hyper Protect Services.
METACO Harmonize enables organizations to manage a range of end-to-end digital asset use cases from cryptocurrency custody and trading to coding, smart contract management, and decentralized finance (DeFi). The launch of UnionBank follows the recent opening of METACO’s Asia Pacific headquarters in Singapore, which was set up to ensure that METACO provides best-in-class services to UnionBank and other clients in the region.
Patrick Engalpal Vice President Customer Success and Managing Director, APAC at METACO commented, “We are proud to expand our significant presence in the Asia Pacific region, with Union Bank of the Philippines, the national leader in banking. METACO continues to grow at a significant pace. With the recent launch of APAC headquarters in Singapore, we can Ensuring that we continue to provide best-in-class services to UnionBank and other customers and partners in the region.”
Founded in 1982, UnionBank is a pioneer in innovation in banking technology and was one of the first institutions to launch electronic savings accounts in the country with an EON Cyber account. With over 388 branches across the country, UnionBank is a major provider of corporate cash management and B2B banking to local and multinational companies in the Philippines. *
“We have a passion for meaningful and sustainable reinvention. We value our strategic partners, such as METACO, and collaborate with them in a meaningful alliance in pursuit of a common vision. For UnionBank, this shared vision is a customer focus driven by emerging technologies and innovations. Henry Agoda, Senior Executive Vice President at UnionBank, Chief Technology and Operations Officer and Head of Transformation.
As the digital asset industry matures, most institutions require discretion to reduce the risk of dependency on a third party, seeking to work with multiple treasuries, sub-custodians, and liquidity providers. Working with multiple service providers brings additional complexity. Organizations face challenges in terms of security and scalability, with the proliferation of access points impairing end-to-end operations. METACO Harmonize manages this complexity and mitigates risks in working with a partner ecosystem by acting as an overarching policy layer to ensure strict management of digital asset operations, along with a single point of integration with its various internal systems.