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Union Bank of the Philippines to set up clearing system for rural banks

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Union Bank of the Philippines to set up clearing system for rural banks

Union Bank of the Philippines plans to set up a clearing system, Project i2i, to connect small rural banks through blockchain technology, BusinessWorld reported May 21, citing bank Chairman Justo Ortiz.

The island-to-island, institution-to-institution and individual-to-individual platform will promote financial inclusion among unbanked Filipinos. Ortiz said Project i2i will provide small-scale lenders a real-time, cost-effective and secure way to connect.