There are millions of people around the world who do not possess a bank account. For example, according to estimates, almost 77% of adults in the Philippines do not have a bank account. It is worth mentioning that the Philippines is home to more than 107 million people. Furthermore, it is the 13th most populated country in the world.
Several days ago, the Philippine Bureau of Treasury along with the UnionBank and the Philippine Digital Asset Exchange launched a blockchain-enabled mobile application. Thanks to this application, they plan to distribute government-issued treasury bonds.
As mentioned above, the vast majority of people in the country do not possess a bank account. The purpose of the blockchain app dubbed Bonds.PH is to provide easy investment options to people without a bank account.
Importantly, people across the country will be able to invest in the BTr’s newest retail treasury bond RTB-24.
Blockchain app and the local population
It is worth mentioning that, blockchain app will now allow citizens of the country to easily invest in retail treasury bonds. People should take into account that the minimum amount is 5,000 Philippine pesos.
Interestingly, app users will be able to make instant payments using internet payment services, such as InstaPay, GCash, and Paymaya. Moreover, users can also pay through internet banking or over-the-counter payment through their UnionBank accounts.
The Philippine Bureau of Treasury decided to enable the app with distributed ledger technology to save time and to reduce costs during manual verification and settlement processes.
Also, the Bureau wanted to ensure a feasible, secure, as well as economically viable bond distribution process.
Last year, UnionBank launched a payment-focused stablecoin backed by the Philippine peso. Of note is the fact that the purpose of this decision was to drive greater financial inclusion in the Philippines.
Thanks to a blockchain-enabled mobile application, millions of people will be able to invest in government-issued treasury bonds.