RCBC exec highlights Phl fintech in Gulf region

Rizal Commercial Banking Corporation’s Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva showcased the Philippines’ fintech industry’s acceleration vis-a-vis global emerging trends of AI, cross-border payments, and cybersecurity threats at the 24 Fintech Trends event in Riyadh, Saudi Arabia last 3 to 5 September 2024.

Villanueva was invited to speak in two panel discussions -- “Dissecting the Future of Cross-Border Payments: Evaluating Models, Innovations and Obstacles’, and ‘Leveraging Cutting-Edge Technologies for Global Financial Inclusion”, with co-panelists from Wise, Swift, Remitly, Kearney, Ant Group, Abhi, Saudi Central Bank, and the Capital Markets Authority.

In alignment with Vision 2030, Saudi Arabia is actively opening its doors to global investments, fostering cross-country collaboration, and promoting sustainable technological advancements. Villanueva emphasized the critical role that partnership plays in RCBC's success in the Philippines and abroad.

He highlighted the bank's swift adoption of digital solutions and innovations, such as artificial intelligence, to provide personalized loan offerings, better understand the behaviors of Filipino entrepreneurs, and enhance consumer protection against fraud and cybersecurity threats.

Since its launch, RCBC's digital unsecured personal loans product has seen remarkable growth, accounting for 38 percent of transactions conducted through the RCBC Pulz mobile app in under eight months, all while maintaining a delinquency rate of less than one percent.

Additionally, Villanueva discussed RCBC's pioneering digital products and services—RCBC DiskarTech, RCBC Pulz, and RCBC ATM Go—designed to meet the evolving needs of both local customers and Overseas Filipino workers (OFWs) in Saudi Arabia and across the Gulf region. He underscored the significance of digital transformation in scaling inclusive digital finance.

RCBC Pulz is curated to the needs of OFWs as it enables them to open digital banking accounts with just an international mobile number, one valid I.D., and a smartphone.

Once OFWs are onboarded into the platform, they can utilize its bank deposits and transfers features as well as remittance features to send money to the Philippines, mobile loading and bill payments to support their families back home, in-app investments and loans to prepare for long-term family dreams and goals, as well as access financial literacy modules to boost their financial knowledge.

Villanueva also showcased RCBC ATM Go, a bank-agnostic community banking solution with extensive nationwide coverage, which benefits 65 percent of rural women through its innovative blend of physical and digital banking services.

By the end of August, RCBC ATM Go's revenues and gross transaction value grew by an impressive 50 percent and 31 percent, respectively, while the number of deployed terminals and merchant partners surged by 113 percent and 150 percent, respectively, compared to the previous year.

Villanueva expressed his eagerness to participate in the panel and share the Philippines’ contribution to the worldwide campaign for financial inclusion and the ever-growing global fintech industry.

He added that the presence of millions of Filipinos globally presents countless opportunities for the Philippines, Saudi Arabia, and other countries to collaborate and cross-pollinate ideas.

“The Philippines is a bright spot globally when it comes to financial inclusion and fintech innovation and excellence. Sharing our experience, successes, and victories on the global stage with international leaders is an important stride for us in seeking new opportunities for partnerships and cooperation,” Villanueva said.