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AWARDS

2019 BAI Global Innovation Award Finalist

BAI Global Innovation Awards 2019 finalist Union Bank of the Philippines

 


Innovation in Societal and Community Impact

Union Bank of the Philippines - Philippines
Project i2i

About 56% of Filipinos live in rural areas with limited access to the country’s financial ecosystem. Rural banks are cut off from the national payments systems and networks because of high barriers to entry, and the number of rural banks has dwindled from 1,400 in 1988 to 475 this year. This situation prompted UnionBank to utilize blockchain in helping rural banks and their customers in accessing the financial system. i2i, which stands for island-to-island, institution-to-institution and individual-to-individual, is a blockchain-based transaction and retail payment system built by UnionBank in partnership with ConsenSys. It aims to bring millions of unbanked Filipinos to the financial system by connecting rural and cooperative banks into the country’s main financial network, giving them access to transact with universal and commercial banks and access more products and services.