The Bank has been selected as a finalist in the Innovation in Societal and Community Impact category for the 2019 BAI Global Innovation Awards, a prestigious awards program that unveils the most transformative solutions in the financial services industry worldwide.
The 2019 BAI Global Innovation Awards finalists represent the most distinctive, revolutionary solutions in the global financial services industry, and UnionBank’s Project i2i, a catalyst for financial inclusion and inclusive prosperity in the Philippines, was selected from hundreds of nominations submitted.
Project i2i, short for “island-to-island”, “institution-to-institution”, “individual-to-individual”, is UnionBank’s solution to providing banking solutions to “unbanked” communities. Project i2i is a retail payment network built on Ethereum to connect rural community banks across the Philippines and connect them into the mainstream financial network.
The project utilizes blockchain in creating a decentralized, cost-efficient, and near real-time payment network that will enable the network of rural banks to issue tokenized cash and process transactions differently from how they do business before.
i2i aims to serve as a catalyst to inclusive prosperity for 35 million unbanked in the country by enabling different institutions to be part of a larger inter-connected network that upholds an “Ecosystem of Trust” along with banks, non-banks, corporate and retail customers.
“As a BAI Global Innovation Awards finalist, UnionBank is driving positive change in the industry,” said Debbie Bianucci, president and CEO of BAI. “BAI is pleased to recognize the dedication and innovation shown by all the finalists to help solve some of the greatest challenges in financial services.”
Now in its ninth year, the BAI Global Innovation Awards recognizes leading financial services organizations on a global scale. Through hundreds of applications, the Innovation Circle, a panel of global financial services innovation leaders who thoroughly review each application, determined the top submissions. The judges weigh each innovation on originality and impact on consumers and the industry.
According to BAI, this year’s finalists showcase what leading financial services innovators in all regions of the world are doing to deliver new value to customers and employees, as well as improve efficiencies and profitability for their organizations.