On July 19th the Philippine Ministry of FinanceWith UnionBank and the Philippine Digital Asset Exchange, started mobile application based on blockchain technology for the distribution of government bonds.
According to local media Inquirer.Net, the President and CEO of UnionBank, Edwin R. BautistaHe claimed it was “the first government bond issue in Asia to be based on blockchain technology.”
Bring investment in bonds closer to those who do not have access to banks
According to estimates Almost 77% of adults in the Philippines do not have a bank account yet. The mobile application is started Bonds.PH has as the main goal offer simple investment opportunities to the population without bank accounts in the country.
Comment on the importance of using the Philippine National Treasurer, Rosalia V. De LeonHe said: “The launch of Bonds.PH paves the way for all Filipinos, especially non-banks. Invest easily and inexpensively in BTr’s new retail government bond, the RTB-24“”
The application will enable national citizens Easily invest in government bonds for private customers for only 5,000 Philippine pesos (approx. USD 100).. Application users can Instant payments through online payment services such as InstaPay, GCash and Paymaya. You can also pay through the online banking system or over-the-counter payments through your UnionBank accounts.
The Bureau of Treasury has decided to enable the application with DLT technology Reduce time and costs in manual review and billing processes. The company also wishes to use this technology Ensuring a viable, secure and economically viable bond distribution process.
Last July UnionBank has also launched a Stabelcoin that focuses on payments and supported by the Philippine peso Promote greater financial inclusion in the country. In April of this year, the bank’s CEO predicted that the coronavirus pandemic had increased demand for digital banks and that this was the beginning of the end for cash.