ECURRENCY AND RIZAL COMMERCIAL BANKING CORPORATION (RCBC) PARTNER TO LAUNCH DIGITAL CASH IN THE PHILIPPINES
Business Mirror | 3 April 2018
Rizal Commercial Banking Corporation (RCBC), one of the largest private universal banks in the country, has recently announced that it has partnered with eCurrency Mint Limited (eCurrency), the world’s first end-to-end solution for digital fiat currency issuance and circulation. RCBC has once again led and pioneered the latest innovative product that delivers fast, accessible, and affordable digital financial services in the country – the country’s first digital fiat currency.
In support of the regulatory sandbox initiative introduced by Bangko Sentral ng Pilipinas (BSP), the launch of the RCBC Cash establishes the capability to transact between existing payment platforms and is now available to hold all types of e-money wallets.
The BSP recently released the results of a survey that showed approximately 86 percent (86%) of Filipino households do not own a single bank account. Designed to promote and facilitate financial inclusion as well as to reach this target market, RCBC’s digital money product will give the un-banked a way to save and transact using a highly secure digital payment facility.
RCBC’s digital money is based on eCurrency technology, which enables secure and efficient digital transactions. The eCurrency solution brings an unprecedented level of consumer protection that exemplifies RCBC as a trusted financial service provider, amid the increasingly stringent regulatory environment. The digital facility uses high-security technology to ensure that digital payments cannot be counterfeited or compromised. Furthermore, the degree of transparency required by the solution’s inter-operability promotes greater governance and highly-effective regulation.
“The launch of our digital money product called RCBC Cash demonstrates our commitment to bringing progressive and trusted financial services to the Philippines,” said Mr. Gil Buenaventura, President and CEO of RCBC. “ eCurrency’s solution enables RCBC to launch resilient and innovative digital wallet services through RCBC’s own and partner channels. We are very happy to lead the effort to make digital financial services truly secure and affordable for all Filipinos.”
“By adopting the eCurrency solution, RCBC is creating a highly-secure digital payment facility and e-money ecosystem,” said Jonathan Dharmapalan, founder and CEO of eCurrency. “Our mission is to offer a digital solution that preserves the secure and inclusive characteristics of physical fiat currency and provides enhanced protection for RCBC’s partners and customers.”
eCurrency and RCBC together with the Bangko Sentral ng Pilipinas will make RCBC’s digital money available as early as Q2 2018.