UnionBank of the Philippines uses Kaleido's enterprise blockchain platform to provide financial inclusion to millions of Filipinos through Project i2i, which facilitates financial transactions in remote areas of the Philippines by providing banks with the infrastructure to access the domestic financial system.
A staggering 35% of Filipinos remain unbanked. That's the challenge that UnionBank of the Philippines was looking to solve with Project i2i. Since 56% of Filipinos reside in rural communities with little access to financial services, UnionBank wanted to partner with the 476 rural banks that already had invested in those areas. But how can they partner with those rural banks to provide financial inclusion when the rural banks themselves are not connected to electronic banking services and domestic money transfer networks?
UnionBank worked with Kaleido to build a decentralized, cost-efficient, approximately real-time inter-rural bank payment platform. The platform is used to connect rural banks to each other and to national commercial banks. This effectively brings the rural banks into the domestic financial system and increases inclusion access to the communities in which they operate.