UnionBank has formally unveiled its blockchain initiative named Project i2i that aims to bring millions of unbanked Filipinos to the financial system by connecting rural banks to the country’s main financial network. It runs on ConsenSys’ Kaleido platform designed to speed-up and simplifies the process of using blockchain technology.
Justo A. Ortiz, UnionBank Chairman, disclosed the project at Consensus 2018, the annual blockchain technology summit held in New York City. Mr. Ortiz, who chairs the Blockchain Association of the Philippines, said Project i2i is a real-time, cost-effective, and secure retail payment system in the blockchain.
One of our mandates is to promote financial inclusivity and with blockchain we have cracked the code on it.
– Justo A. Ortiz
Last May 22, Project i2i was launched in Davao City with Cantilan Bank, PR Savings Bank, City Savings Bank, FairBank, and Progressive Bank as the first five banks to be part of the program per approval from Bangko Sentral ng Pilipinas.
The world is moving forward and we’re already seeing solutions that make the whole ecosystem more efficient.
– Edwin R. Bautista
President & CEO
With UnionBank, rural banks now have access to the main banking network, which allows them to perform important banking functions that universal banks can also do. Looking further ahead, Project i2i will cater to other sectors including cooperatives and sari-sari stores. Overall, this highlights the power of smart banking and digital solutions to elevate lives and fulfill dreams through financial inclusion, UnionBank’s brand promise.