Rizal Commercial Banking Corp. (RCBC) is upgrading its remittance arm. Now known as RCBC Remittance, it aims to enhance its digital capabilities and expand its global network.
The move comes as more overseas Filipinos shift to digital channels for sending money home. Industry data indicates that 75% of remittances to the Philippines are now sent through digital platforms.
RCBC’s Head of Transaction Banking Group, Martin Tirol, said the upgrades are part of the bank’s commitment to driving greater adoption of digital remittances.
They want to make it easier for global Filipinos to take advantage of growing accessibility worldwide.
The bank reported a 34% year-on-year growth in remittance transactions as of June this year. It attributed such growth to new partnerships in Asia and initiatives in the Middle East.
RCBC has recently partnered with new digital remittance providers, including Visa and Digital Wallet Corp. in Japan. They also collaborated with Gmoney Trans in Korea to offer faster and more secure transfer options.
Through its RCBC Pulz mobile app, the bank has also digitised the account opening process for overseas Filipinos in 42 countries, removing the need for physical branch visits.
The bank aims to expand its remittance partner base to over 80 tie-ups across 25 countries within the next five years.
Featured image by Rizal Commercial Banking Corp. (RCBC).
