RCBC ties up with eCurrency for digital money
RIZAL COMMERCIAL Banking Corp. (RCBC) is set to launch a digital money product, in partnership with eCurrency Mint Limited, within the second quarter of the year.
“RCBC digital money is a form of electronic money that is issued and equally backed up by funds in RCBC,” Margarita B. Lopez, RCBC Head of Digital Banking, told BusinessWorld in a mobile phone message.
Digital money, or electronic money, is a type of currency available in digital form and has the same legal tender status such as cash and coins.
In a statement, the Yuchengco-led lender said its digital money product, RCBC Cash, “establishes the capability to transact between existing payments platforms and will be available to hold in all e-money wallets.”
The new digital cash product is in line with the regulatory sandbox initiative introduced by the Bangko Sentral ng Pilipinas, allowing firms to test and offer technologies under its supervision.
“This launch demonstrates our commitment to bringing progressive and trusted financial services to the Philippines,” Gil A. Buenaventura, RCBC president and chief executive officer, was quoted as saying in the statement.
RCBC said its digital money will use Dublin-based eCurrency’s technology, which allows for safe and efficient digital transactions.
“The digital instrument [will use] 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,” the bank said.
RCBC and eCurrency will work with the BSP to launch RCBC Cash as early as the second quarter.
In February 2016, RCBC was involved in a cyber heist after hackers used the bank to channel the $81 million stolen from the Bangladeshi central bank.
As of end- September 2017, RCBC is the tenth commercial bank in asset terms. It booked a net profit of P3.4 billion in the first nine months of 2017, 2% lower than the previous year.
Shares in RCBC rose by 2.02% or P1.10 to P55.50 apiece on Thursday. –