Financial events contract trading platform, Kelly Technology Pte. Ltd., and Union Bank’s digital banking arm, UnionDigital Bank, announced a strategic partnership to launch a new trading platform for the Philippine financial market.
Co-founded by Abhishek Singh, Sparsh Mehta, and Saurabh Chandolia, and modeled after the success of New York-based Kalshi, Kelly’s platform allows trading on the outcome of various events between individuals.
A member of the Aboitiz Group, UnionDigital is only one of six banks given approval by the Bangko Sentral ng Pilipinas (BSP) in 2021 to operate in digital banking, a new and formal category of banks.
Events contract trading has gained popularity in recent years and is now regarded as an innovative asset class.
Its introduction in the country can have seismic potential in the local financial landscape, as it simplifies an investment process and makes a new asset class more accessible to the general public.
“We’re not just offering a new way to trade, we’re introducing a whole new approach to financial engagement and empowerment,” Chandolia said.
“Our vision is to break down the barriers to financial markets, making them a place for everyone,” Mehta added.
For its part, UnionDigital will serve as custodian and settlement fiduciary for Kelly users, ensuring a secure and seamless trading experience for events contract traders.
“UnionDigital Bank is a key component in our journey to revolutionize the financial sector,” said Singh, speaking on the collaboration.
“This partnership is not just a transaction, it’s a commitment to financial inclusivity,” said Henry Aguda, President & CEO, UnionDigital Bank. “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.
Events contract trading represents a significant leap forward in financial markets, and the partnership between Kelly and UnionDigital brings accessibility and transparency to this new financial instrument.
Where much of the financial market’s inner workings remain complex and labyrinthine, a transformation is now happening that makes investing more intuitive, inclusive, and user-friendly.