Kelly Technology Pte. Ltd., a financial events contract trading platform, and UnionDigital Bank, the digital banking arm of Union Bank, have teamed up to introduce a new trading platform to the Philippine financial market. This venture is aligned with the emergence and success of similar platforms across global markets, such as the New York-based Kalshi.
Founded by Abhishek Singh, Sparsh Mehta, and Saurabh Chandolia, Kelly’s platform encourages trading based on the outcome of various events among individuals. Similarly, UnionDigital, a part of the Aboitiz Group, is among only six banks to receive approval from the Bangko Sentral ng Pilipinas (BSP) in 2021 to operate in the newly formalised digital banking category.
The popularity of events contract trading, an innovative asset class, has soared in recent years. The introduction of this trading format in the Philippines holds potentially high impact possibilities for the local financial landscape. It simplifies the investment process, thereby creating accessibility for this new asset class to the public at large.
"We're not just offering a new way to trade, we're introducing a whole new approach to financial engagement and empowerment," Chandolia stated. Echoing the vision of democratizing financial markets, Mehta added: "Our vision is to break down the barriers to financial markets, making them a place for everyone."
UnionDigital Bank will take on the role as custodian and settlement fiduciary for Kelly end-users, providing an assured and smooth trading experience for events contract traders. "UnionDigital Bank is a key component in our journey to revolutionize the financial sector," said Singh, one of the co-founders of Kelly.
Speaking to the partnership, Henry Aguda, President & CEO of UnionDigital Bank, noted their vested commitment to financial inclusivity. "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."
The partnership between Kelly and UnionDigital signifies a measurable step forward in the world of financial markets. It brings accessibility and transparency to this newly emerged financial instrument – events contract trading. It is a transformative addition that simplifies the complex workings of financial markets, thereby making them more intuitive, inclusive, and user-friendly.