Philippines’ UnionBank picks Metaco’s Harmonize to manage digital asset operations
Digital asset software and infrastructure provider Metaco has been tapped by UnionBank of the Philippines for its digital asset management system Metaco Harmonize.
Metaco says its solution will enable the bank to manage cryptocurrency custody, trading and tokenisation, smart contracts and decentralised finance (DeFi).
The firm adds UnionBank is deploying services on IBM Cloud to “leverage the confidential computing capabilities of IBM’s digital asset infrastructure”, which Metaco says are “fully integrated” with Harmonize.
Harmonize serves to manage the complexity and mitigate the risks of a maturing digital asset industry as financial institutions looking to enter the space work with multiple vaults, sub-custodians and liquidity providers.
These partnerships create challenges in terms of security and scalability, with the increasing number of access points weakening end-to-end processes, Metaco says.
The Harmonize infrastructure reduces these access points down to a single point of integration with the bank’s various internal systems.
UnionBank’s handling of digital assets will be particularly secure, Metaco says, with additional physical controls for managing and migrating keys, tools to reduce operational risk and loss events using threshold signatures and third-party audited source code deployments.
Founded in 2015 in Switzerland, Metaco provides software and infrastructure for the digital asset ecosystem and has recently opened a new Asia Pacific headquarters in Singapore in order to provide its services to financial institutions in the country and the wider region.
UnionBank is one of the largest banks in the Philippines, with more than $15 billion in assets under management and more than 388 branches across the country.
It provides corporate cash management and B2B banking services for local and multinational companies in the country.