Rizal Commercial Banking Corporation (RCBC) announced today that it has partnered with eCurrency Mint Limited (eCurrency) to launch its digital money product. RCBC’s digital money is the organization’s latest innovative product to deliver accessible and affordable digital financial services in the country. In implementing this solution on eCurrency’s technology, RCBC is the leader in the Philippines taking the first step towards implementing a digital fiat currency.
In support of the regulatory sandbox initiative introduced by Bangko Sentral ng Pilipinas (BSP), the launch of RCBC Cash establishes the capability to transact between existing payments platforms and will be available to hold in all e-money wallets.
Recently, the BSP released the results of a survey that showed that 86 percent of Filipino households do not have bank accounts. Designed to promote and facilitate financial inclusion, RCBC’s digital money product will give the Philippine population a way to save and transact using a secure digital payment instrument.
RCBC’s digital money will be based on eCurrency technology, which enables secure and efficient digital transactions. The eCurrency solution brings an unprecedented level of consumer protection that exemplifies RCBC as a trusted financial service provider, amid the increasingly stringent regulatory environment. The digital instrument uses high-security technology to ensure that the digital payment instrument cannot be counterfeited or compromised. Furthermore, the degree of transparency required by the solution’s interoperability promotes greater governance and effective regulation.
“This launch demonstrates our commitment to bringing progressive and trusted financial services to the Philippines,” said Mr. Gil Buenaventura, President and CEO of RCBC. “eCurrency’s solution enables RCBC to launch resilient and innovative digital wallet services through RCBC’s own and partner channels. We are very happy to lead the effort to make digital financial services truly secure and affordable for all Filipinos.”
“By adopting the eCurrency solution, RCBC is creating a highly-secured digital payment instrument and e-money ecosystem,” said Jonathan Dharmapalan, founder and CEO of eCurrency. “Our mission is to offer a digital solution that preserves the secure and inclusive characteristics of physical fiat currency and provides enhanced protection for RCBC’s partners and customers.”
eCurrency and the RCBC will work with the Bangko Sentral Ng Pilipinas in making RCBC’s digital money available as early as Q2 2018.
eCurrency Mint Limited (eCurrency) enables central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. eCurrency has pioneered the world’s first end-to-end solution for digital fiat currency issuance and circulation. The technology combines hardware, software, and cryptographic security protocols to provide central banks the tools they need to preserve their charter and doctrine as the sole issuer of the national currency in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift to digital payments, including increased transaction efficiency, financial inclusion, and economic growth.
The Rizal Commercial Banking Corporation (RCBC) is the financial flagship company of the Yuchengco Group of Companies (YGC). As one of the largest private universal banks in the country, RCBC is able to provide a wide scale of services through its thrift bank, investment bank, foreign exchange brokerage house, leasing company, and overseas remittance companies. For more information on RCBC, visit www.rcbc.com