Union Bank of the Philippines selects Metaco and IBM to facilitate digital asset custody operations
On Thursday, Metaco, an enterprise cryptocurrency platform for securing, trading, issuing, and managing digital assets, announced the addition of UnionBank as its latest client. Founded in 1982, UnionBank is one of the largest banks in the Philippines, with a collective $15 billion in assets under management. UnionBank will be also be deploying its digital asset management services on the IBM Cloud, which are fully integrated with Metaco’s solutions.
Through the integration, UnionBank will be able to improve the insurability of assets with FIPS 140-2 Level 4 certified controls for managing and migrating keys. FIPS 140-2 is the highest level of U.S. government computer security standard. In addition to detecting and responding to all unauthorized attempts at physical access, the protocol also protects against environmental factors that lead to data loss or leak.
At the same time, Metaco’s solutions enable use cases for financial institutions, such as trading, tokenization, smart contract management, and participation in decentralized finance. Henry Aguda, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer, and Chief Transformation Officer, issued the following statement regarding the development:
We have a 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 shared vision. And for UnionBank, that common vision is customer-centricity driven by emerging technologies and innovation.
Last year, Metaco formed a partnership with IBM Cloud to deploy its digital asset management system on the latter. Founded close to eight years ago in Switzerland, Metaco previously closed a Series A funding for $17 million in late 2020.