Union Bank of the Philippines (UnionBank) showcased its pilot blockchain-based cross-border remittance project at the Singapore FinTech Festival (SFF). This was done in partnership with OCBC Bank, Singapore’s longest established bank and using the Adhara liquidity management and international payments platform.
The demonstration followed a successful pilot project run earlier in 2019 which used a blockchain-based tokenized fiat to successfully remit money from OCBC Bank in Singapore to an account holder at Cantilan Bank, a rural bank in Surigao Del Sur. This was made possible by combining the features of both the Adhara platform and UnionBank-UBX’s i2i platform.
The SFF Singapore FinTech Festival is the largest Financial Technology event in the world. It provides a platform for the global FinTech community to connect, collaborate and co-create. This years event attracted over 45 000 delegates over the course of the week.
Below is an overview of the whole process,
and here is a video of an actual payment going through the whole process.