Union Bank of the Philippines (UnionBank), no doubt the most technologically attuned lender in the country, has begun training the first 100 of a projected set of 20,000 technology-savvy professionals forming the core of its digital warriors down the line.

According to UnionBank executives, the core group’s training and education are consistent with the commitment to transform the lender from a legacy banking institution at the moment into an all-out fully digital bank.

The ongoing training is also a recognition of the scarcity of tech-savvy talents who can help both the bank and the country navigate the digital transformation.

UnionBank President and CEO Edwin Bautista told the Daily Tribune the blockchain technology could be the “next big innovation after the Internet,” noting how the technology was linked to cyptocurrency which was a common thread in earlier and current fintech festivals they attend.

“(Blockchain) lowers the costs, it’s secure and it’s immutable,” Edwin Bautista, UnionBank president and CEO, said. He noted the vast applications where the technology can be used such as in car registrations, land titles and equity stocks, among others.

UnionBank has various initiatives powered by blockchain such as its XLOG, a cloud-based app providing seamless shipping experience for both exporters and importers alike.

But while blockchain is a hot topic, people who are actually knowledgeable in the technology are rather scarce which is why Bautista said what is happening is not only a technology thing but also a people thing.

Recognizing this need, UnionBank piloted a Blockchain Institute where it introduced the technology to selected students.

“In our blockchain academy, we teach four things: ethereum, hyperledger, NEM and Corda,” Bautista said.

According to him, UnionBank is not alone in the endeavor as the multinational IBM and a number of other organizations are with them to further the initiative while doing it for free.

The academy has run for two months and enrolled some 100 students for the six-month learning program.

“I told (my team) to give me a hundred, because if we can train a hundred, then we can do a thousand,” Bautista said. He acknowledged more still needs to be done as they are planning to partner with the different educational institutions and universities to achieve this dream.

Also consistent with the need to rev up digital transformation in the country, UnionBank participated in the world’s largest fintech festival in Singapore under the banner “Tech Up Pilipinas.”

“Tech Up Pilipinas is a movement to help big companies to be competitive through adoption of technology,” he said, explaining that companies and businesses alike should embrace digital transformation.

Otherwise, the lender chief said, businesses will either transform or perish.

Prime Minister of India Narendra Modi who was among the keynote speakers in the technology festival where he said the character of the global economy is changing.

“We are in an age of historic transition brought about by technology,” Modi said.

“Each era is defined by its opportunities and challenges. Each generation has its responsibility to shape future,” he said.

Article source: tribune.net.ph