Digital Asset Banking and Financial Services



Digital Asset Banking and Financial Services

Project Overview
Sinosun would be establishing a blockchain-based banking system to clear and settle trades. Distributed ledger technology will be incorporated for its banking units to keep up with technological innovations and to position itself to support future settlements of transactions brought about by the Cagayan Economic Zone Authority approved digital asset exchanges.

In the finance industry, not a day goes by without an established player, like a bank or a fintech start-up, announcing some new initiative or product to tap into the growing appetite from investors for digital currencies powered by blockchain such as Bitcoin, Ethereum, Ripple, etc.

Major banking institutions have joined a project led by UBS Group AG to create their own digital currency to streamline payment mechanisms and make it easier in the future for central banks to use cryptocurrencies.

Even the hedge fund industry is not immune to the trend. Recently, fintech Block Asset Management announced it had created the first operational cryptocurrency ‘fund of funds’, designed to provide investors with diversified exposure to digital assets and engage in digital currency mining and lending, as well as trading and arbitrage.

All these developments around the world together with anticipated transactions in the digital asset industry in the Philippines require blockchain based banking systems to complement such developments.