RCBC unveils blockchain remittances

Homegrown Rizal Commercial Banking Corp. (RCBC) has partnered with two Japanese banks under Resona Holdings, Inc. to offer a blockchain remittance service that allows faster and cost-effective money transfer in the region while also bringing more Japanese small and medium enterprises (SMEs) to the Philippines.

In a statement Tuesday, RCBC said Japan’s growing interest in investment opportunities in the Philippines led to the recent forging of a business alliance between RCBC, Osaka-based Kansai Urban Banking Corp., and Kobe-based Minato Bank.

“These two banks are some of the best in the Osaka, Kansai area. Through them, we hope to bring more Japanese investors into the Philippines,” RCBC First Vice President Yasuhiro Matsumoto said.

“Likewise, RCBC can provide their banking requirements when they come to the Philippines,” Matsumoto added.

Manny T. Narciso, RCBC’s first senior vice president said that blockchain technology would hasten money transfer transactions as it would remove third-party service providers, like the SWIFT network, for cheaper and faster delivery of money. Besides, sending cash from Japan will now happen in real time because it will not pass through all the other parties.