Rizal Commercial Banking Corporation (RCBC) and Southeast Asian fintech solutions provider TrueMoney have entered into a digital collaboration, aiming to expand access to RCBC’s loan products in underserved areas and among emerging entrepreneurs.
The partnership seeks to address the significant barriers that many Filipinos face in accessing formal loan solutions, which are often hindered by stringent requirements and high interest rates.
TrueMoney’s network of 15,000 merchants will now have the opportunity to apply for and receive RCBC’s Pasado Loans. These quick-loan products are specifically designed for consumers who struggle to enter the formal banking loan ecosystem.
It has been highlighted that many micro and small entrepreneurs, despite having stable incomes, have been discouraged from seeking formal loan solutions due to these barriers.
Additionally, TrueMoney partner retailers will be able to utilise these loans for their business initiatives. The loans are intended to empower entrepreneurs to support their personal goals, expand their businesses, and increase commercial activities, ultimately contributing to economic growth and improving the quality of life for Filipinos.
RCBC’s Executive Vice President and Chief Innovations and Inclusion Officer, Lito Villanueva, expressed gratitude for the partnership, stating,
“By closing the gap in funding our MSMEs, we support not only the economic growth of the country but the improvement of quality of life and the availability of decent and dignified jobs to our fellow Filipinos.”
Manuel S. Cabañero II, President and Country Managing Director of TrueMoney Philippines, shared his enthusiasm for the RCBC partnership, saying,
“With TrueMoney’s scaled-up plan to boost its ecosystem beyond agent business, this collaboration will indeed revolutionise credit access by introducing a comprehensive loan origination service to transform local Sari-Sari stores & other MSMEs into a financial powerhouse, reflecting our commitment to accessible service for all Filipinos.”
Featured image credit: (From Left-Right) RCBC Executives – Mr. Boom Eufemio, Digital Loans & Business Development Head; Mr. Arniel Vincent Ong, President and CEO of RCBC Bankard Services Corporation; Mr Lito Villanueva, Executive Vice President and Chief Innovations and Inclusion Officer; TrueMoney Executives – Mr. Manuel Cabanero, President and Country Managing Director; Ms. Toni Martinez, Head of Commercials and Marketing; and Ms Pat Valencia, Senior Business Development Manager for New Ventures.
