The undisputed and award-winning digital challenger bank Rizal Commercial Banking Corporation (RCBC) through its financial inclusion super app RCBC DiskarTech joined the launch of Paleng-QR Ph Plus in Pasig City and Bacolod City.
Pasig City is the first city in Metro Manila to implement the interoperable facility while Bacolod City is the first in Western Visayas.
Paleng-QR PH Plus was launched in Pasig City Mega Market on March 3 with Pasig City Mayor Vico Sotto, Vice Mayor Dodot Jaworski, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla, and BSP Deputy Governor Bernadette Romulo Puyat. Meanwhile, the interoperable facility was launched in Libertad Public Market, Bacolod City with Mayor Albee Benitez, Vice Mayor El Cid Familiaran and Councilor Celia Flor spearheading the event on March 14, 2023.
The collaborative initiative of BSP, Department of Interior and Local Government, and leading digital payment apps like RCBC DiskarTech aims to promote further financial inclusion in cities by boosting further the capacity of mSMEs, especially market vendors.
“The launch of Paleng-QR PH Plus in Pasig City and Bacolod City is valuable to market vendors, tricycle drivers, and other members of the local market to integrate efficient and real-time digital payments into their everyday transactions,” said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.
Villanueva reiterated RCBC’s relentless devotion to financial inclusion and mainstreaming digitization, “As we transition into a cash-lite society, RCBC is 100% committed to ensuring that all our mSMEs are engaged, guided and included in this drive towards digital transformation.”
RCBC DiskarTech’s partnership with Paleng-QR PH Plus is in line with RCBC’s vision of financially including more unbanked Filipinos into the system by creating a suite of digital innovations that are proactive to the growing needs of Filipinos. RCBC’s commitment to the Digital Payments Transformation Roadmap continues to be significant to the BSP agenda of reaching 70% financial inclusion rate in the country and digitizing 50% of all retail payments by the end of 2023. BSP’s goals are projected to be met even before this year ends, a development which all bankers and digital players applaud.
“We have to get used to these new kinds of technology. Technology does not stop. Every day, new technologies are created, and we have to adjust and keep up with the times,” Pasig City Mayor Vico Sotto said in Filipino during his speech.
“Through [Paleng-QR Ph Plus], it is easier to pay, collect, and store money,” Bacolod City Mayor Albee Benitez said in a mix of English and Hiligaynon in his speech. Mayor Benitez focused on the city’s path towards transformation, “This will make Bacolod City as we envisioned not just a smart city but a super city.”
BSP Governor Felipe Medalla also vowed to make digital transactions more accessible to Filipinos. “Our dream in the [BSP] is to make financial digital transactions, especially the small-value ones, interoperable and free of charge,” BSP Governor Felipe Medalla said.
“It is the LGU that drives the Paleng-QR PH Plus implementation,” said BSP Deputy Governor Bernadette Puyat. “Because of digitalization, it is easier to distribute ayuda from the government,” said Puyat in a mix of Bisaya and Hiligaynon.
RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations. It is now the Philippines’ 5th largest privately-owned universal bank as of end 2022 from 8th place in asset ranking in 2018. It accomplished and maintained this feat from 2020 to the present, even breaching the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic and various investment activities by competition. RCBC’s continuing digital and business transformation further enhanced its value and reach. RCBC has now become the most awarded Philippines bank. Among its recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million.