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A Bankers Association of the Philippines (BAP) official states that the adoption of blockchain technology will support the creation of new jobs in the banking sector.

In response to the fears of institutions regarding the digitalization of financial banking operations, the Bankers Association of the Philippines (BAP) argues that blockchain tech will actually support the creation of more jobs in the banking sector. The announcement made by the institution on 9th July is undoubtedly an appropriate demonstration act. The association revealed that over 12,000 bank posts in the Philippines offer hiring alternatives for beginners.

Banking employees are vital in providing quality service. With the effort of banks in financial inclusivity, we can expect more bank branches opening and job hiring to cope with the increasing demand of banking and financial services across the country,” BAP managing director Benjamin Castillo said.

UnionBank to hire 20,000 programmers in the next two years

Many of the new positions are dedicated to back-office operations rather than customer-facing ones. President Edwin Bautista of the UnionBank of the Philippines told Cryptovest that the institution will hire approximately 20,000 programmers during the next two years as it is getting involved in a blockchain-based development project.

More jobs in the banking sector

UnionBank is known for its growing interest in adopting blockchain technology to improve the bank’s operational management. Managing Director of the Bankers Association of the Philippines denied that massive digitalization could reduce the number of newly created jobs in the banking sector, indicating that online customer demand for online payments is rising.

Contrary to what is expected, the banking industry will not lay off workers just because we have entered the digital age. Banks need to cater to the different demands, we are diversifying,” he explained.

We need graduates who are willing to take up the challenge in moving the sector forward in the age of the digital revolution. As the banking industry moves forward, it is crucial to have capable individuals who are willing to work for the benefit of our country,” Castillo said.

The President of UnionBank believes that cryptocurrencies and blockchain are “the future” and will greatly influence financial operations.

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