Rizal Commercial Banking Corporation (RCBC), the award-winning digital challenger bank, joined the launch of Paleng-QR Ph Plus in Pasig City and Bacolod City through its financial inclusion app, RCBC DiskarTech. Pasig City and Bacolod City are the first cities in Metro Manila and Western Visayas, respectively, to implement this interoperable facility.
Paleng-QR PH Plus was launched in Pasig City Mega Market last 03 March 2023, with the presence of Pasig City Mayor Vico Sotto, Vice Mayor Dodot Jaworski, BSP Governor Felipe Medalla, and BSP Deputy Governor Bernadette Romulo Puyat. On 14 March 2023, the interoperable facility was launched in Libertad Public Market, Bacolod City, with Mayor Albee Benitez, Vice Mayor El Cid Familiaran, and Councilor Celia Flor leading the event.
“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,” said Pasig City Mayor Vico Sotto in Filipino during his speech at the launch event.
This collaborative initiative between BSP, the Department of Interior and Local Government, and top digital payment apps like RCBC DiskarTech aims to promote financial inclusion in cities by boosting the capacity of micro, small, and medium-sized enterprises (mSMEs), particularly 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. 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,” according to Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.
RCBC DiskarTech’s partnership with Paleng-QR PH Plus aligns with RCBC’s vision of achieving financial inclusion for unbanked Filipinos by offering innovative digital solutions that cater to their evolving needs. RCBC remains committed to BSP’s Digital Payments Transformation Roadmap, which aims to achieve a 70% financial inclusion rate and digitize 50% of all retail payments in the country by the end of 2023. It is noteworthy that the BSP’s goals are anticipated to be achieved even before the end of this year, which is a significant development that has earned praise from bankers and digital players alike.
“Through [Paleng-QR Ph Plus], it is easier to pay, collect, and store money. This will make Bacolod City as we envisioned not just a smart city but a super city,” per Bacolod City Mayor Albee Benitez in his speech delivered in a mix of English and Hiligaynon. Mayor Benitez focused on the city’s path toward transformation
RCBC, recognized as one of the fastest-growing banks in the Philippines, has consistently been awarded for its innovative banking solutions. The bank currently holds the fifth spot as the largest privately-owned universal bank in the country, having moved up three places from its previous ranking in 2018. Despite the challenges brought about by the COVID-19 pandemic and competition in the industry, RCBC has maintained its upward trajectory, even exceeding the P1-Trillion asset mark by the end of June 2022. RCBC’s unwavering commitment to digital and business transformation has further strengthened its value and reach. It has been recognized with numerous awards, including a three-peat win as the Philippines’ Best Bank for Digital by Asiamoney, consecutive wins for Best Financial Inclusion App at The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its unconventional and widely popular digital ad campaigns, generating over 17 million combined views.
“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 as he also vowed to make digital transactions more accessible to Filipinos.