YGG 🤝 Philippine digibank for financial services to P2E communities

Yield Guild Games (YGG), a blockchain-focused gaming startup based in the Philippines, has signed a memorandum of association with UnionDigital, the digibank unit of Union Group.

YGG co-founder Gabby Dizon / Photo credit: YGG

The deal aims to make financial products and services accessible to the play-to-earn (P2E) and Web3 communities in the Philippines. The announcement of the partnership was made at YGG’s first managers summit, which addressed best practices for onboarding, organizing, and incentivizing scholars.

Scholars are gamers who use YGG’s assets to generate revenue from P2E games. YGG aims to onboard over 100,000 scholars by the end of 2022.

In November 2021, the Philippines’ Securities and Exchange Commission approved the incorporation of UnionDigital. The firm secured a digital banking license from the country’s central bank, Bangko Sentral ng Pilipinas (BSP), in a bid to expand its consumer reach as more customers turned to online financial services amid the pandemic.

See also: The Philippines: Asia’s next crypto hub?

Apart from UnionDigital, the BSP awarded digital banking licenses to Overseas Filipino Bank, Tonik Digital Bank, UNObank, GOtyme, and Maya Bank.

In its managers summit, YGG also announced the installation of YGG Terminals, which are physical community hubs where YGG guild members can lounge and play P2E games.  

“Our terminals will be part-coworking space, part-tournament venue, part-crypto exchange, and part-learning facility, and importantly be co-owned and operated by our community,” said Luis Buenaventura, Philippine country manager of YGG.