UnionBank of the Philippines has successfully conducted a
blockchain-based remittance test between Singapore and the Philippines.
In line with the government’s pursuance of financial inclusion, UnionBank sought to tackle cross-border remittances made by the 10 million Filipinos working overseas. According to the World Bank, remittances back to the Philippines amounted to $32.8 billion in 2017, equivalent to 10.5% of GDP. In 2018 the figure was $34 billion which ranks the country as fourth in the world for remittances, behind India, China and Mexico.
The pilot was carried out in partnership with Singapore-based OCBC Bank. It involved sending tokenized fiat, named PHX, between OCBC Bank and Cantilan Bank, a rural Filipino bank.
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