Jose Emmanuel Hilado

Union Bank of Philippines has announced that it has adopted Refinitiv’s Electronic Trading (ET) solution in a bid to propel its business in the Philippines as well as enhance its market presence locally and internationally. The supplier states that ET offers a suite of e-commerce products that assist in the configuration and automation of foreign exchange prices while streamlining risk management.

“As the leading provider of trading and analysis platforms for foreign exchange markets, we are honoured to be entrusted by UnionBank. 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 digitized FX trading platform to ensure its nationwide branch network is more connected, enabling the on-going growth of its FX business. We look forward to deepening our partnership along with UnionBank’s FX digital journal,” said Luke Elliott, Director of Trading for Asia Pacific at Refinitiv.

Recently, Indonesian digital payments platform OVO has selected Refinitiv’s World-Check in a bid to support its KYC and AML procedures for the minimization of exposure to financial crime risks.

“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,” said UnionBank Chief Finance Officer and Treasurer Jose Emmanuel Hilado.

by Megha Bhattacharya
Market Analyst at IBS Intelligence