Rizal Commercial Banking Corporation (RCBC) and PalawanPay have passed 1 million PalaSave accounts, reaching their first-year target months ahead of schedule.

PalaSave is a savings feature inside the PalawanPay app, powered by RCBC DiskarTech.

Verified PalawanPay users can open an RCBC Basic Deposit Account directly in the app, without downloading a separate banking app. They also don’t need to make an initial deposit or keep a minimum balance.

The account pays up to 4% a year on eligible balances.

From 60,000 to 1 Million Users

The two companies launched PalaSave earlier this year with a goal of 1 million users and PHP 1 billion in deposits within the first 12 months.

By March, it had about 60,000 depositors and PHP 50 million in deposits. The partners have not disclosed current deposit levels.

The 4% rate applies to balances of up to PHP 50,000, and users need a fully verified PalawanPay account to open one, according to Gizguide.

RCBC’s First Banking-as-a-Service Deal

PalaSave is RCBC’s first live Banking-as-a-Service (BaaS) arrangement, in which a bank lets a non-bank platform offer its financial products directly to that platform’s users.

“Reaching 1 million PalaSave accounts ahead of target shows that Filipinos are ready to embrace digital savings when financial services are made simple, accessible and available through platforms they already know and trust,” said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.

Karlo Castro, President and CEO of the Palawan Group of Companies, said the milestone shows that making savings simpler and more convenient can encourage more Filipinos to work towards financial security.

PalawanPay has more than 23 million users, RCBC said at the launch, The Manila Times reported.

That means PalaSave has so far reached roughly 4% of the e-wallet’s users.

Featured image: Edited by Fintech News Philippines based on images by thanyakij-12 via Magnific and PalawanPay via its website.