Union Bank of the Philippines (UnionBank) and the Philippine Digital Asset Exchange (PDAX), Inc. have recently formed a strategic partnership through a memorandum of agreement (MOU) to deliver innovative solutions for fintechs, tech companies, digital services companies, MSMEs, and corporate clients of UnionBank, leveraging Crypto-as-a-Service.
The MOU signing ceremony took place on April 26 at the UnionBank Plaza in Pasig City, with key representatives from UnionBank and PDAX in attendance. Among the attendees were PDAX CEO and Founder Nichel Gaba, PDAX Chief Business Development Officer Kenneth Chua, UnionBank Fintech Business Group’s Assistant Vice President – Sales Andrew Garcia, and UnionBank’s Senior Vice President – Corporate Banking Group Angelica Balangue.
Expressing gratitude for the partnership, Garcia said, “I wish to thank PDAX for embarking on this journey with UnionBank as we ideate, co-create, and ‘tech-up’ organizations that aim to include crypto services in their key offerings, primarily those in the payments segment. May this partnership bring forth a more open and digitalized future for our business clients, our communities, and our country.”
Gaba also emphasized the shared values and vision between PDAX and UnionBank, stating, “Though we are signing this agreement today, we do feel at PDAX that our partnership has been in place from the very beginning, not only from a commercial standpoint with you as our banking partner, but also in the fact that we have very aligned values. We value responsible innovation, we value making services more accessible to Filipinos, and we believe that the future of banking is digital.”
Acknowledging the importance of collaboration, Gaba added, “The path to digitalization is very rarely a straight line, and so we always need partners like UnionBank who have taken up the mantle of industry leadership in order to put our industry firmly committed on that path. So, we signed this [agreement] today to join you to make digital services more accessible.”
Balangue highlighted the significance of the partnership, stating, “This program brings together fintech, tech, and digital service companies and their unique value-added services for the benefit of our UnionBank clients. Services such as Crypto-as-a-Service by PDAX, together with the other solutions of our fintech partners, clearly augment the standard product offerings of the Bank.”
Through this partnership with PDAX, UnionBank reaffirms its commitment to the “Tech-Up Pilipinas” advocacy, ensuring that financial service provider clients are well-equipped for the future. By embracing innovative solutions and digital transformation, UnionBank and PDAX are empowering the financial industry in the Philippines to thrive in the digital age.
