Philippines' Union Bank to offer cryptocurrency trading service

Union Bank of the Philippines is eyeing to launch trading and custodial services for cryptocurrencies to leverage the growing adoption of digital tokens in the country, Bloomberg News reported Jan. 20, citing the lender's blockchain and application programming interface group head, Cathy Casas.

The planned custodial services for digital assets will also cover tokenized bonds. It will use a system developed by Switzerland's Metaco for managing its digital-asset operations, according to the report.

Casas estimates the average Filipino investor will likely hold 3% to 5% of their personal assets in digital assets in five years, up from 1% to 2% now.