Rizal Commercial Banking Corporation (RCBC) has announced a new collaboration with FastPay, a mobile remittance app operating exclusively in Taiwan.
This partnership allows overseas Filipino workers (OFWs) in Taiwan to send money directly to their loved ones’ RCBC bank accounts or other Philippine bank accounts. Beneficiaries can also collect remittances in cash from over 17,000 RCBC pay-out partner outlets across the Philippines.
Martin Tirol, head of RCBC’s Global Transaction Banking Group, noted that the collaboration with FastPay aligns with the bank’s commitment to supporting OFWs by providing more convenient remittance options.
“Knowing that Taiwan is a great place of opportunities for overseas Filipinos, RCBC Telemoney bridged the gap in terms of remittances: OFWs can now comfortably send their remittances from the FastPay app directly to an RCBC customer’s bank account,”
said Tirol. He mentioned that this service is part of RCBC’s digitalisation strategy.
According to RCBC, Taiwan hosts approximately 160,000 Filipino workers, who are employed across various industries such as manufacturing, domestic work, and the service sector.
Samuel Chan, CEO of FastPay Global Payments Inc., discussed the partnership, stating,
“We at FastPay are proud to partner with RCBC on this initiative as their inaugural fintech partner, using our expertise as a trusted international remittance company to support RCBC Telemoney accounts.
We are excited to introduce the FastPay mobile app as the exclusive solution for Filipinos working in Taiwan, providing a direct connection to their RCBC Telemoney accounts.”
FastPay aims to provide 24/7 availability, a user-friendly interface, low-service fee transfers, reliable customer support, OFW community engagement, and partnerships with local businesses.
In addition, with the aim to assist OFWs with onboarding to the new services, RCBC Telemoney and FastPay organised a pre-departure fair at The RCBC Plaza in Makati, provided departing workers with Telemoney and FastPay accounts there, and familiarised them with the services available upon arrival in Taiwan.
Featured image credit: Edited from Freepik
