Rizal Commercial Banking Corporation (RCBC) and PalawanPay have announced a digital partnership during the Singapore Fintech Festival 2025.
The collaboration will soon allow over 20 million PalawanPay users to open an RCBC DiskarTech basic deposit account directly via the PalawanPay app, advancing financial inclusion through a “Banking-as-a-Service” model.
PalawanPay, an e-wallet platform supported by more than 5,000 Palawan Express Pera Padala branches nationwide, will act as an access point for underserved Filipinos to open a “PalaSave” basic deposit account through RCBC DiskarTech, the bank’s multilingual financial app available in Taglish and Cebuano.
“Many Filipinos want to save, but traditional banking may feel intimidating,”
said Third Librea, President of PalawanPay.
“‘PalaSave’ aims to close the gap by offering easy and secure access to deposit products suited to different lifestyles and goals. Through RCBC’s DiskarTech, users can earn up to 4% interest without a minimum initial deposit or complex requirements.”
Through the RCBC DiskarTech account, customers will be able to earn competitive interest rates while continuing to use PalawanPay’s range of financial services.
Since its launch during the pandemic, DiskarTech has become one of the country’s key alternative banking platforms, offering among the highest savings rates in the market.
Lito Villanueva, Executive Vice President and Chief Innovations and Inclusion Officer of RCBC, described the partnership as a milestone in the country’s digital finance landscape.
“PalawanPay and RCBC are working towards a new era in Philippine banking. This collaboration brings together a nationwide microfinance network and a digital bank with a shared vision of improving financial literacy and deepening engagement with the banking system,”
he said.
Villanueva added that the initiative supports the government’s innovation agenda.
“The Marcos administration has challenged us to accelerate efforts to make the Philippines a fintech innovation hub. This partnership is one of several steps towards that goal, ensuring Filipinos are financially prepared and empowered,”
he said.
Featured image credit: RCBC
This article first appeared on Fintech News Singapore
