Union Bank of the Philippines collaborated with XLOG, a logistics platform to launch the country’s first blockchain-enabled supply chain financing embedded in a logistics platform.
The partnership enables those with a logistics business to have access to an end-to-end logistics technology for operational efficiency, real-time monitoring, online documentation, and flexible payment arrangements on blockchain
“We are firm believers in how blockchain technology can bridge gaps in different industries. We have already seen it disrupt the financial industry. With this partnership, we hope to innovate the logistics business by integrating the financial supply chain platform with the already advanced logistics platform of XLOG,” said Henry Aguda, UnionBank Chief Technology and Operations Officer, Chief Transformation Officer and UBX Philippines Chairman, during the virtual signing ceremony that will allow XLOG to integrate with UnionBank’s Financial Supply Chain.
Founded Shiptek Solutions Inc., XLOG is an innovative approach to logistics that does not only enable the industry to manage and monitor their transactions online, but also to leverage on the provenance of data that improves the processing of transactions between operations and finance. It directly connects shipping companies to shippers, customs brokers, truck owners and warehouse operators.
Meanwhile, UnionBank FSC is the first Financial Supply Blockchain in the Philippines ™. It provides buyers and sellers an efficient way to do business through digital document presentment, settlement, collections, and an instant community-based financing program