Higala Group Inc., an inclusive instant payments platform operator, teamed up with Rizal Commercial Banking Corp. (RCBC) to launch SynerFi, an open payments platform that expands digital financial access to the unserved and underserved sectors in the Philippines.
SynerFi was created to help rural banks and microfinance institutions (MFIs) offer their customers digital transactions through InstaPay, bringing banking services directly to their communities and fostering broader financial inclusion.
Many rural and community banks were excluded from the digital financial ecosystem due to regulatory and technological constraints. SynerFi changes this by providing these institutions with a seamless way to offer digital services to their customers and clients.
Under the partnership, Higala will provide the technology that powers SynerFi, enabling rural banks and microfinance institutions to connect seamlessly to a digital payments network. RCBC will act as the sponsor platform bank and manage the essential regulatory requirements, such as compliance, clearing, and settlement.
“SynerFi brings digital services within reach for rural banks and MFIs that have traditionally been left out of the payments ecosystem,” said Higala chief executive Vice Catudio.
“Through SynerFi, we are reducing entry barriers and ensuring these institutions can thrive in InstaPay. Expanding financial access allows them to empower more Filipinos with the tools needed for economic participation and progress,” Catudio said.
By connecting local banks and MFIs to InstaPay, SynerFi allows these smaller, community-based financial institutions to offer faster, more affordable digital transactions, such as sending money, paying bills, and buying or selling goods online.
This means customers can access convenient financial services in their communities without needing to travel or rely on cash. Ultimately, SynerFi empowers more Filipinos to manage their finances digitally, helping them save time, reduce costs, and improve their financial well-being.
