UnionBank joins sandbox for digital currency use

The sandbox will evaluate CBDC use cases.

Union Bank of the Philippines (UnionBank) has become the first commercial bank in the country to be part of the global R3 Sandbox for Digital Currencies.

The sandbox brings together commercial banks, central banks, and payment providers and exchanges to collaborate with one another in a “ready-made payments ecosystem” to evaluate central bank digital currency (CBDC) use cases, as well as learn, transact, and test roll-out strategies and designs, the bank said in a press release.
 
R3’s Sandbox for Digital Currencies is built on Corda, a peer-to-peer distributed ledger technology platform. 

UnionBank said that it will benefit from its cutting edge advancements in interoperability and cross border functionalities, including emerging features such as dynamic liquidity management.  
 
Participants including UnionBank can experiment with different models, see the flow of funds and how this operates in a controlled environment, develop CBDCs frameworks and best practices, and ultimately co-create game-changing use cases that will be part of the blueprint for the future of banking in the token economy.