Rizal Commercial Banking Corp., the 10th-largest lender in terms of assets, became the first bank in the country to offer an online foreign exchange platform that allows clients and account holders to buy and sell currency online.
RCBC said the Online FX Trading Platform was the only foreign exchange execution platform in the country that could be accessed using the web, eliminating the need for face-to-face or over-the-phone transactions when exchanging foreign currency.
The new product, developed by RCBC, allows bank clients to buy and sell foreign currency at any given time from the safety of their own homes, or even from other countries.
RCBC said to use the product, clients needed to enroll at least two different currency accounts with RCBC’s Online Banking platform. Once eligible, RCBC clients are free to buy and sell currency between their enrolled accounts.
RCBC’s Online Foreign Exchange product can easily allow the buying and selling of all major currencies such as US dollar, euro, Great Britain pound, Japanese yen, Singaporean dollar, among others, at very competitive rates
“The Online FX Trading Platform revolutionizes foreign exchange transactions for the country. Never before has a Philippine bank been able to provide their clients a platform that allows them to trade
foreign currency at their own time and place,” RCBC president and chief executive Gil Buenaventura said in a statement.
Interested clients are encouraged to go to their nearest RCBC branch for more information on RCBC’s Online FX Trading Platform.
RCBC is the financial flagship company of the Yuchengco Group of Companies. 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.
RCBC posted an unaudited consolidated net income of P1.1 billion in the first quarter, up 13 percent from P1 billion a year ago.
Net interest income grew 16 percent to P4.8 billion, bolstered by the bank’s vibrant lending business with total customer loan portfolio expanding 18 percent to P370.9 billion.
All market segments sustained their solid growth with a 14-percent growth in corporate loans, 40 percent growth in SME loans, 17 percent growth in consumer loans and a 34-percent growth in credit card receivables.