Kelly Technology Pte. Ltd. and UnionDigital Bank have recently announced their partnership and plans to launch a new trading platform in the Philippine financial market.
Kelly’s platform, which was inspired by the success of New York-based Kalshi and co-founded by Abhishek Singh, Sparsh Mehta, and Saurabh Chandolia, facilitates trading on the results of different events between individuals.
On the other hand, the Bangko Sentral ng Pilipinas (BSP) only approved UnionDigital as one of six banks in 2021 to operate in digital banking, a newly recognized category of banks.
Event contract trading is currently recognized as an innovative asset class because of its recent surge in popularity. Its entry into the country has the ability to drastically alter the local financial scene because it streamlines the investment procedure and increases public accessibility to a new asset class.
UnionDigital will function as Kelly users’ custodian and settlement fiduciary, guaranteeing an easy and safe trading environment for traders that employ event contracts.
The collaboration between Kelly and UnionDigital makes this new financial instrument transparent and accessible.
Chandolia said, “We’re not just offering a new way to trade, we’re introducing a whole new approach to financial engagement and empowerment.”
Mehta also explained, “Our vision is to break down the barriers to financial markets, making them a place for everyone.”
“UnionDigital Bank is a key component in our journey to revolutionize the financial sector,” Singh added.
“This partnership is not just a transaction, it’s a commitment to financial inclusivity,” Henry Aguda, President & CEO, UnionDigital Bank, stated. “By combining our digital banking expertise with Kelly’s platform for investment opportunities, we can revolutionize industry standards in the financial services sector and democratize financial opportunities.”
For more information, visit UnionDigital
