Remittance

RCBC, Digital Wallet Corp. to Streamline Philippines-Japan Cross-Border Payments

In a move to streamline digital transactions between the Philippines and Japan, Rizal Commercial Banking Corporation (RCBC) has entered into a partnership with Digital Wallet Corporation (DWC), a Japanese IT and fintech company. This collaboration aims to facilitate smoother cross-border financial interactions between the two countries.

Martin Tirol

Martin Tirol, First Senior Vice President and Global Transaction Banking Group Head at RCBC, highlighted the potential of the partnership with Digital Wallet to enhance digital transactions and fintech adoption between Filipinos in Japan and the Philippines.

“This newly-formed partnership with Digital Wallet will accelerate frictionless digital cross-border transactions,”

said Martin. He also noted the shared values between the two organisations, stating,

“Digital Wallet also shares the same value we have – being a partner through generations.”

DWC operates Smiles Mobile Remittance, which is recognised as Japan’s leading remittance service and boasts the largest ATM network access for its customers. The company has been acknowledged for its service quality, receiving the Good Design Award 2021 and is said to be highly regarded by the Filipino community in Japan.

Eiji Miyakawa

With RCBC’s extensive network and its expertise in catering to the needs of millennials and tech-savvy consumers in the Philippines, DWC is looking to further empower its customers. Eiji Miyakawa, DWC’s Chief Executive Officer, shared his perspective on the collaboration:

“This partnership signifies our shared vision of driving digitalisation and shaping the future of banking in the Philippines,”

adding that the positive reception from the overseas Filipino workers (OFW) community in Japan is a strong foundation for this venture.

As of the end of 2022, RCBC is ranked as the fifth largest privately-owned universal bank in the Philippines, with over P1.2 trillion in total resources, underscoring its capacity to support such international partnerships.

Featured image credit: Edited from Freepik