by Jan Michael Carpo, Reporter
Rizal Commercial Banking Corporation (RCBC), an award-winning challenger bank, is set to make online transactions for Filipinos more convenient while giving online shoppers and small enterprises new and better choices to complete their digital payment requirements.
This scenario is what the bank said it hopes to achieve after signing partnership agreements with leading payment gateway providers SwiftPay and Dragonpay.
Through these partnerships, RCBC’s customers will now be able to use their mobile banking app to pay for goods and services whenever they shop online.
In a press release, the bank said that the move forms part of its commitment to fast-track digitalization in the country in line with the ‘Digital Payments Transformation Roadmap‘ that is now being pushed by the Bangko Sentral ng Pilipinas (BSP).
“What is most important about such partnerships is that there will be thousands of Philippines businesses that will benefit from this,” beamed Lito Villanueva, the Executive Vice President and Chief Innovation and Inclusion Officer of RCBC, in a press statement.
“The emergence of e-commerce in the Philippines is an important event for thousands of MSMEs, and these partnerships are our gift to help businesses run by ordinary Filipinos to enjoy the fruits of a fast-developing digital economy,” he added.
For his part, Robertson Chiang, the President, COO and Chief Technology Officer of Dragonpay, said, “We support RCBC’s vision of reaching out to the financially underserved through their DiskarTech mobile app. We believe that this collaboration between Dragonpay and RCBC DiskarTech will make e-commerce even more accessible to Filipinos from all walks of life.”
RCBC as a multi-awarded bank
RCBC currently prides itself as a Philippine bank with the most number of awards received.
Among the accolades the bank has received includes achieving a three-peat as the Philippines’ “Best Bank for Digital Services” from Asiamoney, plus two consecutive wins for “Best Financial Inclusion App” at the recently-concluded Asian Banker’s Financial Technology Innovations Awards.
This achievement was attained and sustained from the year 2020 up to the present despite the COVID-19 pandemic, and different investment efforts by competitors.
In terms of financial performance, the bank also takes pride in having achieved the quickest growth rate in the Philippines. From eighth in the asset rankings in 2018, it has since risen to fifth place among privately held universal banks in the country. RCBC was also able to cross the P1 trillion asset threshold by the end of June 2022.
Through its ongoing business and digital transformation, the bank’s value and reach have since expanded considerably.
RCBC has now also solidified its position as the top supplier of digital banking solutions in the country.
The bank is renowned for developing the country’s first physical and digital blended banking experience, dubbed the “RCBC MoneyBela Barangayan banking,” as well as “RCBC DiskarTech,” the first multi-lingual financial inclusion application that is available in both Taglish and Cebuano.