Philippine banks are preparing to develop a block-platform Visa

Blockade will help small players in the financial market of the Philippines.

Several Filipino banks are preparing for the development of payment platforms Visa Blockchain. The initiative is headed by the Manila Union Bank. The project already involves four small rural credit institutions, reports Cryptoves.

Block – for the little ones

The goal of the project is to become more efficient participants in the financial market of the Philippines. In January of this year, UnionBank, according to its own data, became the first bank in the Philippines to participate in the Visa Connect project. This platform, which was launched in 2016, aims to provide financial institutions with faster and more reliable cross-border payments.

The president and CEO of UnionBank Edwin Bautista commented on the project: "The bank seeks to work with partners-representatives of small and medium-sized businesses, as potential customers of the new block-platform … Technology of blocking is seen as a faster, safer and cheaper way to send cross-border payments."

Recall, the Philippine authorities are currently developing regulations for the crypto-currency market and ICO.

Author: Evgenij Novožilov, Analyst Freedman Club Crypto News

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