Rizal Commercial Banking Corp. (RCBC) has partnered with Hungry Workhorse Consultancy, Inc. to introduce an online marketplace for Application Programming Interfaces (APIs), aiming to enhance the digital capabilities of financial technology (fintech) companies.

The collaboration will see RCBC offering a range of APIs through a platform powered by Hungry Workhorse. Hungry Workhorse is the official Philippine partner of India-based APIwiz.

APIwiz builds the Digital Marketplace 2.0 platform on its centralised API management system and APIOps framework. As part of the agreement, Hungry Workhorse will contribute expertise in design thinking, implementation support, and digital talent development for the initiative.

Angelito M. Villanueva, RCBC Executive Vice-President and Chief Innovation and Inclusion Officer, highlighted the potential of this development.

He stated, “This API-first approach also unlocks exponential impact in scaling inclusive digital finance, fostering co-creation and collaboration with key fintech players both locally and globally.”

Villanueva also noted that by “bridging capabilities across the ecosystem, RCBC is able to deliver more accessible, tailored, and affordable financial solutions to millions of Filipinos, whether they are in the country or overseas.”

This move aligns with the Bangko Sentral ng Pilipinas’ (BSP) proposed guidelines on digital financial marketplaces, released in February.

The guidelines seek to allow banks and electronic money issuers to offer their own financial and non-financial products, alongside those from third-party providers. All of these offerings would be accessible through a single platform

The marketplace is expected to introduce new revenue streams and improve cost savings for RCBC. The bank plans to make an initial 30 priority APIs available within 90 days. These will include products related to digital remittance, banking as a service (embedded finance), savings, and insurance.

Villanueva stated that the platform has garnered significant interest from local fintechs. These include prospective digital banking license applicants and existing banks, all keen on integration.

Featured image by UveElena on Freepik.