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RCBC Plans To Secure Digital Banking License From BSP

RCBC Eyes To Operate in Online Platforms

RCBC – The Rizal Commercial Banking Corp. admitted that they are planning to secure a digital banking license from Bangko Sentral ng Pilipinas (BSP).

There are a lot of huge banking companies in the Philippines. One of them is Rizal Commercial Banking Corporation or more commonly called as RCBC. Its main office is in Makati with the current CEO Eugene S. Acevedo and President Gil A. Buenaventura.

The said development bank was established in 1960. It is one of the biggest universal banks in the country with several subsidiaries including the Rizal Microbank, the Merchants Bank in Mindanao, and the RCBC Trust & Investments. Majority of the said bank is owned by the Yuchengco Group of Companies (YGC), one of the biggest and oldest conglomerates in Southeast Asia with over 60 businesses.

RCBC

Also the owners of the bank are the Cathay Financial Holdings and the International Finance Corporation. The bank is licensed by the Bangko Sentral ng Pilipinas (BSP) for commercial and investment banking. Based on a report on ABS-CBN News, it is also planning to apply for a digital banking license.

According to the report, the bank’s CEO, Eugene Acevedo, affirmed that they are “extensively” discussing the plan to secure a digital banking license. It is in line with their pursuit to improve profitability following the closure of several of its branches amid the COVID-19 pandemic.

As many of their clients turn to online channels, RCBC decided to close 70 of its branches in 2020. It sees improvement in profitability through the usage of mobile apps as the “main factory rate for servicing customers”. Many people turned to online banking for convenience and safety. Previously, BSP has granted a digital license to three (3) banks – the Overseas Filipino (OF) Bank, UnoBank, and the Tonik Bank.

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