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Union Bank of the Philippines selects Metaco and IBM to facilitate digital asset custody operations

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UnionBank revealed as Metaco‘s newest client on Thursday. Metaco is an enterprise cryptocurrency platform for securing, trading, issuing, and managing digital assets. UnionBank, which founded in 1982, is one of the Philippines’ major banks. With a combined $15 billion in assets under administration. The bank will also use the IBM Cloud to deploy its digital asset management services. Which will completely integrate with Metaco’s solutions.

UnionBank will be able to improve asset insurability with FIPS 140-2 Level 4 certified rules for managing and migrating keys as a result of the connection. FIPS 140-2 is the highest degree of computer security standard in use by the US government. The protocol detects and responds to any unwanted physical access attempts. As well, it also protects against environmental variables that cause data loss or leakage.

At the same time, Metaco’s solutions enable financial institutions to engage in activities such as trading, tokenization, smart contract administration, and decentralised finance participation. In response to the news, UnionBank’s Senior Executive Vice President, Chief Technology & Operations Officer, and Chief Transformation Officer, Henry Aguda, made the following statement:

“Our real motive is a desire to innovate in a meaningful and long-term way. We cherish our strategic partners, such as METACO, and work together in genuine collaboration to achieve a common goal. That unified goal for UnionBank is customer-centricity powered by rising technologies and innovation.”

Metaco partnered with IBM Cloud last year to install its digital asset management system on the latter. Metaco, which founded in Switzerland nearly eight years ago, previously raised $17 million in Series A funding in late 2020.

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