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How RCBC emerged as the fastest digital trailblazer in PH

Rizal Commercial Banking Corporation (RCBC) continues to dominate the fintech landscape in the country by being the fastest growing bank in the country after it leaped from 8th in 2018 to 5th in 2022 in the list of the Philippines’ largest privately owned universal banks in terms of assets.

Since the COVID-19 pandemic, RCBC embarked on an ambitious journey of transforming its primary banking services into digital not only to accommodate the need for secure contactless banking but to champion financial inclusion in disadvantaged and far-flung communities. RCBC’s mission is also anchored on the Bangko Sentral ng Pilipinas (BSP) Digital Payments Transformation Roadmap that seeks to bank 70% of adult Filipinos and digitally transform 50% of retail financial payments.

RCBC launched and scaled the country’s many digital first in the banking industry such as the first digital concierge, the first investment management account and unit investment trust fund account opening via digital through RCBC’s mass affluent mobile app Pulz, the world’s first multilingual financial inclusion application in Taglish and Cebuano – RCBC Diskartech, and the largest network of grassroots-oriented and bank-agnostic ATMs – RCBC ATM Go.

This concoction of “Innovations with Empathy” is spearheaded by Lito Villanueva, Executive Vice President and Chief Innovation Inclusion Officer of RCBC. Villanueva and his team crafted a contextual banking strategy based on data analytics and leveraged on artificial intelligence (AI) to better understand the Philippine financial landscape and offer banking solutions that are relevant, accessible, and empowering.

RCBC Pulz is the most advanced digital banking application in the market to date with an AI-powered service that assists consumers in cross-selling and upselling processes. The application caters to the mass affluent by offering hyper-personalized services focused on savings, deposits, cardless withdrawals, credit card management, online check deposits, time deposits, loans, unit investment trust fund (UITF) investments, foreign currency exchange, bills payments, and mobile loading. With its widest array of services, the application aims to create a boundless banking experience for its consumers.

Catering to the most geographically isolated and disadvantaged areas by working with the Department of Social Welfare and Development and other national government agencies, RCBC ATM Go is the largest network of bank-agnostic, last mile, and sim-powered mobile-point-of-service ATMs covering 100% of the country. By achieving presence in all 82 provinces, 95% of its consumer base are rural Filipinos. With financial inclusion and empowerment at the core of its development, RCBC ATM Go’s transactions are 65% related to the government’s Pantawid Pamilyang Pilipino Program (4Ps).

By focusing on low-income and underserved Filipinos, RCBC DiskarTech was recognized as the Best Disbursement Partner by the Social Security System. The application enabled a skyrocketing disbursement of Php 6 billion to pensioners, Php 3 billion to individual members, and Php 955 million to employers. The world’s first multi-lingual application, which is accessible in Taglish and Cebuano, eases bank onboarding processes by recognizing both primary and secondary I.D.s and offers the most affordable bank transfer rate of Php 8.00. RCBC Diskartech is also a one-stop-shop as users can pay bills, claim remittances, accomplish cardless withdrawals, load phones and gaming wallets, acquire insurance, and access livelihood opportunities. RCBC DiskarTech generated a 145% surge in transaction volume in September 2023 versus the same period last year.

These three highly innovative digital solutions are part of RCBC’s massive financial inclusion campaign and the first phygital or physical-digital banking solution – RCBC Moneybela Barangayan Banking. By leveraging on the highly-advanced features of the applications, RCBC was able to increase rural bank onboarding and financial literacy in over 13,000 barangays all over the country by strategically partnering with local government units and national government agencies. The Moneybela initiative strives to bridge the gap between banking services and underserved communities, with the goal of providing financial access to those who have traditionally been excluded from the banking system. In terms of seven-year Compound Annual Growth Rate (CAGR), RCBC ATM Go exhibited an 87% surge, while RCBC Pulz (formerly RCBC Digital) showed a significant 113% growth.

These digital innovations earned RCBC an array of highly coveted international awards such as the Gartner Eye on Innovation Award (the only Philippine bank to be awarded), the first global bank to be awarded ‘The Challenger’ by YouTube, and four-peat ‘Best Bank for Digital’ award by Asiamoney. RCBC was also recently named Best Bank for Customer Service in the national Philippine Best Customer Service 2023 survey conducted by the Philippine Daily Inquirer and Statista, with ratings based on accessibility, communication, and professional competence; and Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.

The impressive numbers and global recognition that RCBC has reaped in recent years attracted Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s largest megabanks, to further invest in the company. In 2021, SMBC, invested Php4.48 billion in RCBC for a 4.99% stake. In November 2022, RCBC’s Board approved SMBC’s increased shareholding to 20.00%, infusing Php27.13 billion (about USD 487.14 million) of new CET1 capital into the bank.

When the man leading the team behind RCBC’s impressive digital metamorphosis was asked about the bank’s recipe for digital success, Villanueva humbly said that it is all in the mind.

“Our focus was not on technology but on harnessing and developing a cultural mindset. Filipinos are inherently creative. The best word to describe us would be – engineers of imagination, implementers, innovators. Our journey started by looking within and asking, what is the banking world missing? We saw that many Filipinos remained unbanked and underserved despite the prowess and skills of our workforce. It was through recognizing the power of our ideas that we started and continued our digital transformation. We now witness and experience its results with remarkable speed and scale,” Villanueva said.

#RCBC #rubyspreciousmoments #rubyasoyph

 

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Go Traktora opens up new opportunities for Asia’s agri industry

Backing up this year’s AgriLink at the World Trade Center in Pasay City, Go Traktora, the leading tractor supplier in the Philippines, detailed possible new innovations the multi-brand group can provide to the agricultural scene in the country.

“Entering into this industry, farmers have been our top priority. We want to help them, or the agriculture industry, by providing the best product and the best service,” said Ralph Go, Vice-President for Sales and Business Development of Go Traktora.

Go expressed support for the company’s brand to enhance farm mechanization in the growing agricultural industry in the country.

Go Traktora has been participating in AgriLink since 2011, providing efficient and value for money tractors for farmers across the country. Go himself has attended 12 runs of the event since taking up the mantle of company leadership.

The heavy machinery dealer handles product distribution of world class brands such as America’s John Deere, Sonalika, and Shaktiman from India, and Japan’s Kubota. Go Traktora continues to dominate the tractor equipment market in Northern and Central Luzon since 2008.

John Deere currently sits as the number one tractor brand globally, while Kubota and Sonalika hailed as top brands in Asia and India respectively. Go Traktora is the only dealer distributing all three major brands together in the Philippines.

“What we really want to is strengthen the top 3 brands that Go Traktora offers, by identifying the right market that we can cater. It might be the agriculture, construction, or the industrial sector,” said Go.

Go also opened up on promoting Sonalika for equipment that suits its price while retaining the integral services provided by Go Traktora. “We’re happy that this opportunity came to us since 1995,” he added.

According to Go, ensuring the credibility of the products they distribute makes sure that the farmers also get the best value for money, the best quality, and the best return on investment for various fields of work.

Go Traktora has recently launched its grand showroom and head office last July 2023 as a one-stop shop for agricultural and industrial needs in the country.

“We are proud to say that having these three main brands motivated us to establish this [new showroom]. This facility signifies the direction that the company is heading in the next 5 years, it will also help us establish the company’s mission and vision, and we need to use this new facility to provide the right education and product to our local customers,” shared Go.

Go Traktora has previously been featured in several news highlights for pushing the machinery sector of the agricultural and industrial scene in the Philippines.

“I can say that having the right intention, the right vision, the right mission of the company, it will give the right direction for your company to manage your people, handling your clients. Having the right intention gives you the good satisfaction of doing the right business,” said Go.

AgriLink is the biggest agricultural exhibit in the Philippines hosted by the Foundation for Resource Linkage and Development (FRLD). With the theme, “Plant Health and Value Adding: Key to Competitiveness,” the three-day event featured the importance of plant health, farm management, and profit optimization towards a more competitive international mango market in the Philippines.

Go Traktora is among the major sponsors and supporters of the success of the 2023 agricultural event.

This year marks the 28th anniversary of the exhibition showcasing and supporting various agricultural sectors and businesses in the Philippines. The event was started by Department of Agriculture (DA) Senior Undersecretary Domingo F. Panganiban, Senator Cynthia Villar, and Agrilink 2023 Chairman Ricardo Tolentino.

The event returned after a two-year hiatus due to the onset of the COVID-19 pandemic in 2020.

#GoTraktora #Agrilink2023 #rubyspreciousmoments #rubyasoyph

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Asiamoney affirms RCBC’s digital dominance with 4-Peat win

MANILA, Philippines – For a fourth consecutive year, Rizal Commercial Banking Corporation (RCBC) was named once again the Philippines’ Best Bank for Digital Solutions by Asiamoney for 2023, solidifying its position as the undisputed digital banking trailblazer in the country.

RCBC is recognized for its roster of Innovations with Empathy, an array of digital solutions which champions massive digital transformation and supports the financial inclusion efforts of the government, all whilst cultivating a culture of customer service excellence.

“RCBC isn’t just building sustainable, impactful, and inclusive digital finance solutions, it is also working hard to expand digital access for every Filipino by positioning itself as a strong ally of government efforts to increase financial inclusion; catalyzing digital payment transformations; bringing financial services to unbanked and underserved communities; and reinvigorating innovation,” Asiamoney said in a statement.

“Anytime RCBC reports earnings these days, analysts immediately turn to its digital transaction growth. Indeed, its digital focus is a key reason why RCBC is one of the fastest-growing banks in the Philippines,” Asiamoney added.

Asiamoney hailed RCBC as The Best Bank for Digital Solutions in the Philippines for delivering digital financial services based on a contextual banking strategy that aims to understand the Philippine landscape. Through this, RCBC has effectively implemented pioneering, high-impact, human-centric and demand driven digital financial innovations through RCBC Digital, RCBC DiskarTech, RCBC ATMGo and RCBC Moneybela Barangayan Banking, successfully marked with speed and scale.

“We are delighted with the recognition, and it further inspires us to serve more of our countrymen with our innovative digital solutions. And with our intensified use of data science and artificial intelligence, we continue to be committed to make a difference in the lives of our customers,” RCBC President and CEO Eugene S. Acevedo said.

RCBC’s series of wins come from the success of RCBC Moneybela Barangayan Banking, the country’s first physical-digital or phygital blended banking service. Fusing the warmth of physical banking with the ease of digital, RCBC’s banking experience support agents delivered vital financial services to thousands of rural barangays nationwide. Through MoneyBela, RCBC was able to introduce RCBC DiskarTech to low-income, geographically-disadvantaged communities. This was regarded as the world’s first multi-lingual financial inclusion super app in the vernacular catering to the mass market. The Philippines’ mass market is comprised of approximately 98 percent of the socio-economic class in the country. Financial services such as savings, fund transfers, mobile loads, telemedicine, insurance, and loans are made accessible and convenient to the Filipino mass market.

RCBC also launched ATMGo, the country’s first grassroots-based, bank agnostic, and last mile automated teller machine. ATMGo utilizes mobile point-of-sale devices to dispense financial services in remote and disadvantaged communities at village hotspots like the public markets, sari-sari stores, and public transportation hubs.  RCBC is the only private universal bank to have the most extensive reach covering all provinces in the Philippines even covering the entire Bangsamoro Autonomous Region in Muslim Mindanao, boasting over 1,400 terminals deployed at the end of 2022 and poised to grow to 10,000 units or a projected year-on-year growth of 614%.

ATM Go has been the Philippine government’s trusted digital payment disbursement partner even before and at the onset of the COVID-19 pandemic, which continues until present for the withdrawals of social welfare benefits for Conditional Cash Transfer household recipients under the Pantawid Pamilyang Pilipino Program (4Ps) of the national government. Close to 70% of its transactions are cash withdrawals of Pantawid CCT household beneficiaries done in rural areas. Even conflict-prone communities such as Lake Sebu in South Cotabato are able to enjoy convenient and real-time banking within the comforts of their community.

Through RCBC’s phygital services, it was able to boost bank onboarding in underserved areas by 210%. ATMGo has reached a total of 13,116 barangays or approximately 31% of the 42,000 total barangays nationwide, only six months since the program was launched last November 2022.

“We are incredibly grateful to be recognized once again by Asiamoney for our dedication towards scaling inclusive digital finance, and our determination to make digital banking more accessible and convenient for every Filipino, especially empowering our micro, small and medium enterprises,” said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.

“Prestigious awards such as this validate our constant hard work and efforts in bringing banking to the people. This solidifies our unwavering commitment to providing innovative, socially-sensitive, and tailor-fit digital products and services that are not only cutting-edge, but most importantly, created with our clients’ needs in mind,” Villanueva added.

Despite the challenges posed by the COVID-19 pandemic and the economic impacts of the global health crisis, RCBC emerged as one of the fastest growing banks in the Philippines after it leaped from its 8th position in 2018 to 5th position in 2022 in the list of the country’s biggest banks in terms of assets.

#RCBC #Asiamoney #BestBankforDigital #rubyspreciousmoments #rubyasoyph

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Fintech Alliance: NEDA PDP Target for Fintechs Achieved Five Years in Advance

Taguig, Metro Manila – During the recent Fintech Alliance PH INDX 3D Summit 2023 held in the Philippines marked a pivotal moment in this ongoing evolution. The event unveiled key insights and strategies that promise to reshape the landscape of financial transactions, inclusion, innovation, and health in the years to come. Dare, drive, defy — the summit’s theme.

Kicking off the summit, Lito Villanueva, founding chairman of FinTech Alliance PH set the stage by announcing a milestone achievement: the release of the long-awaited “Philippines Report 2023.” With excitement, he shared the news that retail financial transactions in the Philippines are slowly embracing digital, reaching an impressive 50% adoption rate. This noteworthy accomplishment was not merely a triumph of technology, but a testament to the collaborative efforts of stakeholders across the financial ecosystem.

However, this achievement is only the beginning. Anita Lina R. Aquino, Monetary Board Member of the Bangko Sentral ng Pilipinas (BSP) assures that the BSP is working on protecting financial stability. She shares that 65% of the Filipino people now own digital financial accounts. The goal set forth for the 2023-2028 period revolves around a comprehensive plan that is aptly summarized in four key words: Inclusive, Innovative, Healthy, and Financial. The vision is clear – to usher in a new era of financial services that cater to the diverse needs of the population, drive innovation, maintain fiscal wellness, and foster inclusivity.

The heart of the summit was the revelation that the Philippines now boasts a flourishing fintech landscape, with a remarkable 285 fintech companies as of 2023. This growth in the fintech sector signals a resounding validation of the collaborative efforts to embrace digital transformation. The attendees were treated to a deep dive into the multifaceted implications of this proliferation, ranging from enhanced user experiences to streamlined operations and robust cybersecurity measures.

Secretary Benjamin Diokno, emphasized the significance of the INDX 3D Summit. With conviction, he emphasized that the summit wasn’t just a congregation of minds, but a critical catalyst for propelling the digital economy towards unparalleled growth. “The 2023 INDX 3D Summit aims to create a significant impact in realizing this goal by promoting growth, transparency, and innovation,” declared Secretary Diokno, encapsulating his talk. His words are a launchpad for groundbreaking initiatives that promise to elevate the Philippines’ financial sector to unprecedented heights.

The theme of the summit – Dare, Drive, and Defy – permeated every facet of the event. Panel discussions and talks delved into the intricacies of financial inclusion, harnessing the power of Artificial Intelligence, innovative technologies, safeguarding fiscal health, and fortifying the overall digital financial infrastructure. Attendees were exposed to an eclectic mix of forward-thinking ideas, technological breakthroughs, and collaborative initiatives that illuminated the path toward a more digitally integrated financial landscape. Christopher Monterola, Head, Aboitiz School of Innovation, Technology and Entrepreneurship demonstrated and gave attendees a sneak peak of the power of Artificial Intelligence. Using ChatGPT4, he demonstrated live how to make trailers, analyze graphs, and such.

The remarkable strides achieved thus far have set the stage for a transformative period that promises to redefine how financial services are accessed, delivered, and experienced. The collective commitment to driving growth, transparency, and innovation in the financial sector has never been stronger, and the INDX 3D Summit stands as a beacon of hope for a future where digital finance is not just a luxury, but a fundamental right. In conclusion, the Fintech Alliance PH INDX 3D Summit 2023 was a resounding success, charting a course towards a digital financial revolution that promises inclusivity, innovation, and fiscal wellness. The INDX 3D Summit has not only showcased the present achievements but also ignited the spark of possibility for an even more digitally empowered future.

#INDX3DSummit2023 #FintechAlliancePH #rubyspreciousmoments #rubyasoyph

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Global Ang Galing Natin! Palawan Express Pera Padala Held its First International Remittance Summit

Palawan Express Pera Padala (PEPP) International Remittance recently hosted the inaugural Global Ang Galing Natin Summit at their head office in Puerto Princesa City, Palawan last June 30 to July 1. The summit brought together key stakeholders in the international remittance industry and showcased the partnership between PEPP and its international remittance partners. It introduced world-class and innovative service offerings aimed at making remittances convenient, fast, and hassle-free.

The summit facilitated proactive discussions among valuable partners, including Ace Forex HK, Al Ansari Exchange LLC, AUB, Bank Of Philippine Islands, BDO Unibank, China Banking Corporation, Continental Exchange Solutions, Inc., EMQ Ltd, Worldremit Ltd., Instant Cash FZE, Japan Remit Finance, LBC Express, Metropolitan Bank and Trust Company, Pacific Limited, Philippine National Bank, Remitly, TML Remittance Center Sdn Bhd., Rizal Commercial Banking Corporation, Tranglo, Uniteller Filipino, Universal Storefront Services Corporation, Western Union Processing Services, and Xoom Global Money Transfer. These discussions centered around providing relevant, convenient, and value-added services to overseas Filipino workers (OFWs) and their families who heavily rely on remittances for their financial well-being.

By placing the customer experience at the forefront and ensuring seamless and efficient transactions, PEPP International Remittance has become the go-to and the most utilized remittance service company in the Philippines.

Palawan Pawnshop Group Founders – Bobby L. Castro, Chief Executive Officer and Angelita M. Castro, Deputy Chief Executive Officer.

PEPP’s Founder and President Bobby Castro shared the inspiring story of the company’s humble beginnings in 1985 when he and his wife, Angelita, acquired the Palawan Pawnshop business. Today, PEPP has evolved into a significant player in the money remittance industry, constantly adapting and innovating to meet the evolving needs of its clientele.

“This summit has been a true milestone in our journey, where we have successfully fostered collaboration, shared insights during breakout sessions, and built stronger partnerships. Our company’s history is a testament to our ability to adapt and to innovate, from our humble beginnings to becoming a market leader,” expressed Robert Ben Castro, PEPP’s Business Development and Corporate Services Director during the Global Ang Galing Natin Summit.

PEPP International Remittance is one of the most trusted and preferred cash pick-up network partners of top international remittance companies, renowned for its affordability, speed, and accessibility. With an extensive network of over 6,000 branches nationwide, PEPP International Remittance ensures fast cash disbursement and constant availability of funds for remittance. In the near future, the service will also be accessible through PalawanPay, providing added convenience for OFW families in their financial transactions, including bill payments, QR payments, e-loading, and online fund transfers.

Bernard Kaibigan, Enterprise Marketing Head of Palawan Pawnshop Group.

“We sincerely appreciate the support and collaboration of our esteemed international remittance partners in making PEPP International Remittance the leading and widely used cash pick-up center of international remittance companies in the Philippines. By synergizing our efforts and passion to serve the OFWs, we can truly make a difference in their lives. Together, we will continue to empower and uplift our OFWs worldwide,” said Bernard Kaibigan, Enterprise Marketing Head of Palawan Pawnshop Group.

Through the Global Ang Galing Natin Summit, PEPP International Remittance sets a new standard for the international remittance industry, prioritizing the needs of OFWs and their families, facilitating seamless transactions, and promoting financial stability.

Palawan Pawnshop, Palawan Express Pera Padala, and PalawanPay are supervised by the Bangko Sentral ng Pilipinas. For more information, go to Palawan Pawnshop and PalawanPay Websites.

 

#PalawanExpressPeraPadala #rubyspreciousmoments #rubyasoyph

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RCBC DiskarTech Bags the Infosys Finacle Innovation Global Award 2023

BENGALURU, INDIA – RCBC DiskarTech, the pioneering and award-winning financial inclusion mobile application of Rizal Commercial Banking Corporation (RCBC), won the prestigious Gold Award for Ecosystem-Led Innovation in the Infosys Finacle Innovation Awards 2023. This recognition solidifies RCBC DiskarTech’s position as a trailblazer in the global digital banking landscape.

With the theme “Inspiring Better Banking,” this year’s Infosys Finacle Innovation Awards had an impressive turnout of over 200 nominations from various banks worldwide spanning across ten distinct categories: Ecosystem-led Innovation, Product Innovation, Channel Innovation, Corporate Banking Innovation, Process Innovation, Maximizing Customer Engagement, Transformation Excellence, Modern Technologies-led Innovation, Business Model Innovation, and ESG-led Innovation.

Participants from leading banks worldwide underwent an intensive evaluation process, aimed at identifying the most transformative and impactful innovation initiatives within the industry. An expert jury comprising global banking and technology leaders evaluated the nominations based on Innovation Quotient, Benefit Quotient, and Complexity Quotient, to decide the winners. Financial institutions from across the world were recognized for actively pursuing innovative strategies to differentiate themselves and maintain a competitive edge in the banking industry.

The Ecosystem-Led Innovation award category recognizes banks that demonstrate commitment to enhancing customer experiences by leveraging their ecosystem partnerships to provide a comprehensive range of services beyond traditional banking. The award honors banks that go beyond their core banking services and actively collaborate with ecosystem partners to meet the diverse needs of their customers. The commendation goes to banks that consistently innovate, create enhanced value, and continuously introduce new offerings in order to attract, serve, engage, and retain customers in a highly competitive digital landscape.

RCBC DiskarTech’s exceptional achievements and groundbreaking contributions have set a new benchmark for innovation in the financial sector. As a key component of RCBC’s MoneyBela Barangayan or gassroots banking scaling physical-digital or phygital blended banking experience in geographically isolated, disadvantaged and conflict areas, RCBC DiskarTech boosted bank onboarding in Philippine rural areas by 210%, reached a total of 13,116 barangays or approximately 31% of the 42,000 total barangays nationwide, and enabled millions of unbanked and underserved Filipinos to open their first basic deposit accounts in just six months from its rollout last year.

RCBC DiskarTech also engaged micro, small, and medium enterprises (mSMEs) through its offshoot program, the RCBC NegosyanTech, which empowered sari-sari (mom-and-pop) store owners, family-owned establishments, and grassroots businesses to earn additional income and capital by facilitating digital transactions such as cash deposits and withdrawals, bank transfers, bills payments, e-loading, and availment of teleconsultation plans and microinsurance.

“RCBC is more inspired and motivated to continue harnessing the power of technology such as Finacle Solutions in realizing the vision of the Philippine government to make the country a truly digital nation. We remain steadfast in our commitment to deliver relevant, timely, and effective digital financial solutions to a wider group of Filipinos,” said Villanueva.

“As we approach a world dominated by tech and AI, and largely moved by the rise of the internet economy, RCBC believes it is more important than ever to maximize the use of technological solutions in creating an equitable, sustainable, and prosperous future,” added Villanueva.

Sanat Rao, Chief Business Officer & Global Head of Infosys Finacle, said “The banking sector is undergoing unprecedented change, requiring banks to continually respond to market demands with customer-centric innovations in a bid to maintain their competitiveness and relevance. The Infosys Finacle Innovation Awards 2023 celebrates banks that prioritize innovation-led digital transformation. The nominees and winners in the awards program exemplify the relentless pursuit of the participating banks in delivering enhanced value to their customers and stakeholders. I extend my warmest congratulations to all the recognized banks and wish them continued success in 2023 and beyond.”

 RCBC leaped from eighth position in 2018 to fifth by  end of 2022 among the Philippines’ largest privately-owned universal banks in terms of assets, making it one of the fastest growing banks in the country. Among its global and local recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million. Just recently, RCBC was also hailed as Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.

#RCBCDiskarTech #InfosysFinacleInnovationAward2023 #rubyspreciousmoments #rubyasoyph

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Home Credit Philippines eyes further growth with its acquisition by Thailand’s Krungsri, Japan’s MUFG

Leading consumer finance company Home Credit Philippines (“HC Consumer Finance Philippines, Inc.”) today announced its new shareholders following the completion of its acquisition by  Krungsri (“Bank of Ayudhya PCL”), the fifth largest financial group in Thailand and Mitsubishi UFJ Financial Group (“MUFG”), a global financial leader from Japan.

The deal was completed with a base value of EUR 406 million (PHP 24.4 billion). The final consideration is subject to one-to-one adjustment based on the equity book value at closing of the transaction.

PPF Group the parent company of Home Credit Philippines based in Czech Republic  sealed an agreement with MUFG and Krungsri to acquire Home Credit Philippines. Krungsri holds the majority stake of 75% and MUFG the remaining 25%.

“We are pleased to announce the handover of Home Credit Philippines to our new shareholders Krungsri and MUFG, both market leaders in the financial industry. Together with our new shareholders, we are opening the next chapter for Home Credit Philippines, building on the high performance that we have set over the past nine years. We are optimistic of our future together,” shared David Minol, Home Credit Philippines’ CEO.

“The acquisition of Home Credit Philippines is a testament to the strong business it has established in the country and the growth opportunity that Krungsri and MUFG have seen for the company to further expand and maintain its dominance in the local consumer finance market,” Minol added.

“I want to put on record, our congratulations to our colleagues at Home Credit Philippines for an incredible job well done,” said Home Credit Group CEO, Radek Pluhar. “Together, we have empowered nearly 10 million Filipinos to access the formal economy, via our innovative products and services. We are proud of these achievements and will be watching the company’s future growth with interest.”

The company has grown to become a market leader having the widest distribution network of more than 15,000 stores nationwide. This allowed Home Credit Philippines to acquire a growing customer base of almost 10 million as of date in its nearly 10 years of operations in the country.

Krungsri President and Chief Executive Officer Kenichi Yamato said, “With the acquisition of Home Credit in the Philippines, we have achieved another significant milestone in our ASEAN expansion strategy through the successful execution of our medium-term business plan. By incorporating Home Credit in the Philippines into its portfolio, the Bank aims to cater to the evolving financial needs of consumers with a full range of innovative consumer finance products and services. Building upon its strong presence in the high potential country, this acquisition further solidifies Krungsri’s position as a leading financial institution in ASEAN.”

“With the expertise and extensive experience, Krungsri, together with Home Credit, is well-positioned to capitalize on the growing demand for consumer finance solutions and reaffirms its commitment to providing suitable products and services that empower individuals and drive sustainable growth in the market.”

This transaction is set to bolster the business operations of Home Credit Philippines as it continues to provide more Filipinos access to credit while building on Krungsri’s expertise as one of Thailand’s finance leaders.

Home Credit Philippines is expected to retain its brand and continue its usual operations under the same local leadership team, with guidance from Krungsri. The company aims to further grow its consumer finance portfolio as it synergizes with both banks.

Learn more about the latest updates of Home Credit by visiting its official website www.homecredit.ph. Home Credit Philippines is a financing company duly licensed and supervised by the Securities and Exchange Commission (SEC) and by the Bangko Sentral ng Pilipinas (BSP).

 

#HomeCreditPhilippines #rubyspreciousmoments #rubyasoyph

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RCBC Moneybela Barangayan Banking Fuels PH’s Financial Inclusion Campaign

Rizal Commercial Banking Corporation’s (RCBC) MoneyBela Barangayan Banking boosted bank onboarding in rural areas by 210%, reached a total of 13,116 barangays or approximately 31% of the 42,000 total barangays nationwide, enabled millions of unbanked and underserved Filipinos to open their first basic deposit accounts, and grew gross transaction volume by 103%. This remarkable feat was accomplished in a record time of only six months since the flagship program was launched in November 2022.

The RCBC MoneyBela Barangayan Banking is a one-of-a-kind campaign and the first in the Philippines that hybridizes physical-digital or phygital banking services serving geographically distant and disadvantaged and conflict areas of the country. It fuses the best features of digital banking and human connection by bringing RCBC’s award-winning and world-renowned digital solutions to marginalized and rural communities, including RCBC DiskarTech and RCBC ATMGo.

The Moneybela campaign also engaged micro, small, and medium enterprises (mSMEs) through the RCBC NegosyanTech program which empowered sari-sari store owners, family-owned establishments, and grassroots businesses to earn additional income and capital by facilitating digital transactions such as cash deposits and withdrawals, bank transfers, bills payments, e-loading, and availing of teleconsultation plans and microinsurance.

As a core component of Moneybela Barangayan Banking, RCBC ATMGo is the country’s first bank-agnostic, last mile, and grassroots-oriented mobile-point-of-service ATM service, to Filipinos in geographically isolated and disadvantaged areas such as Busuanga, Coron, and Cullon in Palawan province, and in armed conflict-prone areas such as Lake Sebu in South Cotabato, and all provinces under the Bangsamoro Autonomous Region of Muslim Mindanao. The residents can withdraw government benefits without having to travel far and spend on costly transportation. RCBC ATM Go also provided additional income to small entrepreneurs who became RCBC’s ATM Go partner merchants and helped RCBC serve Filipinos in remote areas.

RCBC is the only private universal bank in the country with the most extensive reach through its RCBC ATM Go network covering all 82 provinces nationwide with over 1,400 terminals deployed at the end of 2022 and is poised to grow to 10,000 units or a projected year-on-year growth of 614%. RCBC ATMGo now has over 1,200 partner merchants. More than 65 percent of ATM Go’s financial transactions are social grants and cash withdrawals by household beneficiaries of the national government in geographically isolated and disadvantaged areas.

 RCBC conceptualized the Moneybela Barangayan Campaign as a response to the call of the Bangko Sentral ng Pilipinas (BSP) to expand financial inclusion and literacy efforts, as well as the concerns of yet-to-be-banked Filipinos that they are not digitally literate and they need assistance in bank onboarding. RCBC had special launches of this initiative during the Kadayawan Festival in Davao City and Masskara Festival in Bacolod City in 2022, and early this year, in the Dinagyang Festival of Iloilo City and in the Pinya Festival of Calauan, Laguna recently.

Making financial inclusion happen, one barangay at a time. Moneybela Barangayan Banking in action at Cabanatuan City.

Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer, shared that the campaign successfully targeted unbanked Filipinos who were reluctant to embrace digital finance because of a lack of knowledge and underserved Filipinos who lived in areas wherein few or no banks and ATMs are operating to cater to their daily needs.

“By combining the power of revolutionary digital solutions and the impact of meaningful human relationships, RCBC has successfully created a compelling case study of engaging Filipinos in remote, marginalized, distant, and conflict areas and providing them with financial and digital literacy, and access to a wide array of empowering products and services,” said Villanueva.

“The massive growth of our digital products and services can be attributed to our philosophy that Innovations should come with Empathy, and to the diligence and ingenuity of each RCBC employee whose dedication to finding and creating breakthroughs in finance is forever inspiring,” added Villanueva.

RCBC MoneyBela, being the first of its kind, has earned commendations from none other than the Philippines’ finance leaders, BSP Governor and Monetary Board Chairman Felipe Medalla and Department of Finance Secretary Benjamin Diokno, during its official launch at the RCBC Plaza last year.

“I am really so happy that if there’s any bank that embodies the goal of bringing BSP closer to the people, it is RCBC. You [RCBC] deserve all the honors you are getting for combining old ideas like cash-lite banking,” Gov. Medalla said.

“Beyond bringing more Filipinos into the fold, your latest project [RCBC MoneyBela] shows that the future of banking requires human-centric and empathy-driven design. I am very pleased to see RCBC make significant headway in this area,” Sec. Diokno said.

RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations.  It is now the Philippines’ 5th largest privately-owned universal bank that breached the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic. RCBC’s continuing digital and business transformation further enhanced its value and reach. With this, RCBC has become the most awarded bank in the Philippines. Among its global and local recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million. Just recently, RCBC was also hailed as the Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.

 

#RCBCMoneyBela #rubyspreciousmoments #rubyasoyph

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Bank of Botswana Seeks Inspiration from RCBC’s Digital Success

The Bank of Botswana (BoB) plans to create its own version of Rizal Commercial Banking Corporation’s (RCBC) award-winning digital solution – RCBC ATMGo, in their home country. The bank agnostic, grassroots-based, and mobile powered RCBC ATMGo is among the three digital solutions showcased by RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva to BoB Deputy Governor Dr. Tshokologo Alex Kganetsano to help jumpstart the African bank’s digital transformation.

“We are beyond elated for RCBC to be chosen as a benchmark for the Bank of Botswana. By becoming a standard for other countries, RCBC fulfills its mission of redefining inclusive banking through cutting-edge innovations in both the local and international scenes,” Villanueva said.

RCBC ATMGo is the Philippines’ first  community-based,  bank-agnostic, last mile ATM service that uses mobile point-of-scale devices to make bank withdrawals, balance inquiry, bills payments, bank transfers, phone credits loading, and cardless withdrawals available and accessible to people in geographically isolated and displaced areas. It has been the Philippine government’s trusted digital payment disbursement partner even before and at the onset of the COVID-19 pandemic, which continues until present for the withdrawals of social welfare benefits for Conditional Cash Transfer household recipients under the Pantawid Pamilyang Pilipino Program (4Ps) of the national government. Close to 70% of its transactions are cash withdrawals of Pantawid CCT household beneficiaries done in rural areas.

RCBC is the only private universal bank in the country with the most extensive reach through its RCBC ATM Go network covering all 82 provinces nationwide with over 1,400 terminals deployed at the end of 2022 and is poised to grow to 10,000 units or a projected year-on-year growth of 614%. “This is a testament that investing in the rural and remote areas for convenient bank access can be a risky step but can ripple change industry-wide and globally,” Villanueva added. RCBC ATMGo now has over 1,200 partner-merchants.

RCBC hosted the Bank of Botswana delegation in its RCBC CollHub or Collaboration Hub in Bonifacio Global City, Taguig. Joining the BoB delegation were Ms. Sheila Sealesta, Advisor of Banking Currency and Settlement Department; Mr. Julius Ghanie, Director of Information and Communications Technology Department; Mr. Moeti Modimana, Head of Property Management Procurement and Projects; Ms. Ruth Baltshepi, Coordinator of Digitalization and Innovation Hub; and Mr. Vincent Golebetswe, Banking Manager.

RCBC has been awarded the Philippines’ Best Bank for Digital for three consecutive years given that “when it comes to digital solutions, RCBC remains the bank to beat,” according to Asiamoney.  RCBC rose from eighth in 2018 to fifth in rank by the end of 2022 amongst the Philippines’ largest privately-owned universal banks in terms of assets. With close to 80 regional and global accolades in three years, RCBC was also the first Philippine bank to receive the YouTube Challenger award for its trailblazing and viral digital ad campaign which generated over 14 million views in a few weeks. It was also recognized by the local banking industry as the Grand Champion for Digital Payment and Financial Inclusion by the Bankers Association of the Philippines (BAIPHIL).

Featured photo:

From (L-R): Bank of Botswana (BoB) Banking Manager Vincent Golebetswe; Novus Technologies Vice President of Strategic Initiatives Sidath Wijeratne; BoB Head of Property Management Procurement and Projects Moeti Modimana; BoB Advisor Sheila Malebogo Sealetsa; RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva, BoB Coordinator Ruth Baitshepi; BOB Deputy Governor Dr. Tshokologo Alex Kganetsano; BoB Director Julius Ghanie; and Novus Technologies President and Chief Executive Officer Ricardos Khoury.

 

#RCBC #BankofBotswana #digitalsolutions #rubyspreciousmoments #rubyasoyph

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RCBC provides last mile banking to 4Ps/CCT families in Lake Sebu

Philippines’ leading challenger bank, Rizal Commercial Banking Corporation (RCBC), through its partnership with the Department of Social Welfare and Development (DSWD), successfully assisted hundreds of Pantawid Pamilyang Pilipino Program (4Ps)/Conditional Cash Transfer (CCT) beneficiaries to easily and quickly cash out aid from the national government through RCBC ATM Go partner merchants in Lake Sebu, South Cotabato, an identified geographically isolated and disadvantaged area (GIDA) by the DSWD.

RCBC’s partner sari-sari stores – Ebanen, Sigfred, and Negros Rice – were able to facilitate over P2 million cash withdrawals by 4Ps/CCT household beneficiaries in three days.

RCBC ATM Go is the country’s first grassroots-based, bank agnostic, and last mile handheld automated teller machine which utilizes mobile point-of-sale devices to dispense financial services in unbanked and underserved communities.

RCBC is currently the only Philippine private universal bank that has the most extensive reach covering 100% of the country across all its 82 provinces with close to 2,000 terminals operated by thousands of its partner merchants. More than 65 percent of RCBC ATM Go’s financial transactions are social grant cash withdrawals by CCT/4Ps household beneficiaries of the national government mostly residing in remote communities. RCBC  is also the only Philippine bank that has the most number of ATM Go terminals in excess of 100 units servicing  all five provinces under the Bangsamoro Autonomous Region in Muslim Mindanao covering Basilan, Lanao del Sur, Maguindanao, Sulu, and Tawi Tawi.

Under the RCBC-DSWD Memorandum of Agreement signed in December 2022, RCBC will provide alternative payout channels for 4Ps/CCT beneficiaries.  Prior to this engagement, RCBC has already collaborated with DSWD during the COVID-19 pandemic. In 2021, RCBC was able to assist the national government in distributing more than Php 21.3 billion through its social amelioration program to over 5.6 million household beneficiaries benefitting 28 million aggregate-covered individuals.

“RCBC has been tirelessly working to make banking available and meaningful for all Filipinos through our RCBC Moneybela Barangayan Banking and RCBC ATM Go  servicing millions of Filipinos in the countryside,” says RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva.

“RCBC’s mantra has always been innovations with empathy, and this is best relayed through digital-forward and frictionless banking services such as what RCBC ATM Go provides to those who live in geographically isolated and disadvantaged areas such as Lake Sebu,” Villanueva added.

As Lake Sebu is a remote community,  there is a limited presence of financial institutions that can provide brick-and-mortar branches or ATM kiosks. Residents need an hour of travel and spend costly transportation of as much as P200  just to be able to withdraw financial aid given by the national government.  There are more than 13,000 4Ps/CCT beneficiaries in Lake Sebu and not all can be served by existing financial service providers in the area.

“The pilot testing conducted in the three (3) barangays of Lake Sebu, South Cotabato in partnership with RCBC has been truly successful. The 4Ps beneficiaries were able to withdraw their grants quicker and more efficiently – it only took them less than a minute receiving the money. We would like to extend our thanks to RCBC for this initiative,” says DSWD SOCCSKSARGEN  Regional Director Loreto Jr. V. Cabaya. SOCCSKSARGEN covers the provinces of South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos in Region 12.

Aside from RCBC ATM Go, RCBC has effectively implemented other pioneering, high-impact, human-centric, and demand driven digital financial innovations such as the one-stop-shop digital banking app RCBC Digital; RCBC DiskarTech, the Philippines’ first multi-lingual financial inclusion super app for the Filipino mass market in the vernacular Tagalog-English or Taglish and Cebuano; and RCBC Moneybela Barangayan Banking, the Philippines’ first physical-digital or phygital banking services that use sustainable e-trikes to serve geographically distant and disadvantaged and conflict areas of the country.

RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations.  It is now the Philippines’ 5th largest privately-owned universal bank that breached the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic. RCBC’s continuing digital and business transformation further enhanced its value and reach.

With this, RCBC has become the most awarded bank in the Philippines. Among its global and local recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million. Just recently, RCBC was also hailed as Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.

 

#RCBC #LakeSebu #Philippines #rubyspreciousmoments #rubyasoyph