Asia Digest: BP, DiDi Chuxing forge JV, PH’s Union Bank launches cryptocurrency

BP has created a JV with China’s DiDi Chuxing to build an electric vehicle charging infrastructure in China. On the other hand, the Union Bank of the Phillippines has launched a cryptocurrency and has become the first lender to offer a blockchain service in the country.

British Petroleum, DiDi Chuxing forge JV

British Petroleum has established a joint venture with China’s ride-hailing firm DiDi Chuxing to build an electric vehicle (EV) charging infrastructure in China, the company said in a statement.

The joint venture will develop charging hubs to provide EV services to DiDi and other drivers. The two companies have already opened a pilot site in Guangzhou in the Guangdong province and have installed ten fast-charging units ranging from 60-120kW.

China is the world’s largest and fastest-developing EV market. BP said that it expects around 80 per cent of EV charging in China to take place at destination, forecourt and fleet hub charge points by 2030.

Philippines’ Union Bank launches Stablecoin 

The Union Bank of the Phillippines has launched a stablecoin and has become the first lender in the country to launch its own cryptocurrency, The Phillippines star reported.

Its new blockchain technology, dubbed as PHX, will support the transaction on the i2i platform that would connect the publicly listed lenders to rural banks.

Currently, there are three rural lenders, namely Summit Rural Bank in Luzon, Progressive Bank in Visayas and Cantilan Bank in Mindanao, which have been adopted the i2i network, and has conducted successful transactions using the technology.