Philippine Treasury pioneers blockchain-enabled app for bonds

Asia’s first retail treasury bond issuance to leverage distributed ledger technology

The Philippine Bureau of the Treasury (BTr), Union Bank of the Philippines (UnionBank), and the Philippine Digital Asset Exchange are the first in Asia to launch an app for the distribution of retail treasury bonds enabled by distributed ledger technology (DLT). 

“The launch of the Bonds.PH [app] paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24 or the Progreso Bonds,” says Philippine National Treasurer Rosalia de Leon.  “The mobile app presents a compelling opportunity for all to invest and help the republic raise funds for economic recovery and the Covid-19 response.” 

The blockchain-enabled app, launched along with the Progreso Bonds, is completely digital and available 24/7. Its DLT enables immutable and tamper-proof record-keeping. Filipinos, including the unbanked and overseas workers, can invest in retail treasury bonds by downloading the app and pay using e-wallets or online banking or over-the-counter for as low as US$100.  

“This is the first retail treasury bond issuance to leverage blockchain technology in Asia, and likely the world,” says Edwin Bautista, UnionBank president & CEO. “The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos.” 

“2020 will be the year of commercialization of blockchain technology in the ASEAN [Association of Southeast Asian Nations] region,” points out Sopnendu Mohanty chief fintech officer at the Monetary Authority of Singapore. “And BTr’s efforts to build a DLT registry for bond issuance accelerates the success of the most exciting technology of our time.”

(Excerpt) Read more Here | 2020-07-27 06:04:21
Image credit: source


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