Philippines Union Bank chooses Refinitiv for electronic trading
Union Bank of the Philippines has adopted Refinitiv’s Electronic Trading (ET) solution to power its business in the Philippines and strengthen its presence in both the local and international foreign exchange markets.
“We have been present in the Philippines for over 70 years and the country has great potential to become a leading Asian financial centre. As the first local bank to adopt Refinitiv’s ET system, UnionBank will have access to an efficient and digitised FX trading platform to ensure its nationwide branch network is more connected, enabling the on-going growth of its FX business,” says Luke Elliott, director of trading for Asia Pacific at Refinitiv.
“Our adoption of Refinitiv’s electronic trading allows us to distribute reliable and live prices to our branch network using a cloud-based platform with straight-through processing for operating efficiency. We aim to be the first bank to provide an executable live FX platform that would link corporate clients to the dealing room via the internet resulting to enhanced customer experience,” comments UnionBank CFO and treasurer Jose Emmanuel Hilado.
Accessible via FXT, the single source of access to preferred FX trading venues, ET offers a suite of e-commerce products to configure and automate FX prices to customers while streamlining risk management.
In the Southeast Asian region, electronic trading has gained ground since banks require flexible trading platforms and tools that provide control over electronic pricing, distribution and hedging.