Unionbank Chairman Justo Ortiz posing for a picture with Senior VP Ramon Duarte, XLOG directors Joey Ynion and Nico Gonzales at Singapore Fintech Festival.

The UnionBank of the Philippines (UBP) is pushing its i2i (island-to-island) blockchain initiative to empower rural banks to gain more extensive access to the central banking network while at the same time providing financial inclusion to the tens of millions of unbanked Filipinos.

In a presentation during the 2018 Singapore FinTech Festival, the world’s largest platform for the global fintech community held in Singapore, UBP Chairman Justo Ortiz said the initiative would also allow rural banks wider coverage and expand their services because project i2i will enable them to perform critical banking functions that are traditionally offered only by universal banks.

Through blockchain, these small lenders could provide services to mid-sized and micro, small and medium enterprises as well as other sectors, including …

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