RCBC & Digital Wallet Corporation to develop digital banking in Philippines

By Gloria Mathias

Rizal Commercial Banking Corporation (RCBC), a financial service provider in the Philippines, and Digital Wallet Corporation (DWC), an IT and FinTech company in Japan, have announced their partnership to revolutionise the digital landscape of banking services in the Philippines.

By utilising RCBC’s extensive reach and expertise in catering to the needs of millennials and tech-savvy consumers in the Philippines, Digital Wallet aims to further empower its customers with Smiles Mobile Remittance.

“We are thrilled to move forward on this transformative journey with RCBC,” said DWC CEO Eiji Miyakawa. “This partnership signifies our shared vision of driving digitalization and shaping the future of banking in the Philippines. We’re already voted number one among the OFW (overseas Filipino workers) community in Japan, so we are eager to see how much more we can enhance our customers’ experience with RCBC’s solid reputation.”

“RCBC is excited to have forged this partnership with Digital Wallet, as this further accelerates frictionless digital cross-border transactions and fintech adoption between Filipino families in Japan and the Philippines. Digital Wallet also shares the same value we have—being a partner through generations,” added Martin Tirol, RCBC FSVP and Global Transaction Banking Group Head.

According to a 2021–2022 “Survey on Overseas Filipinos” by the Republic of the Philippines, there was a 9.6 percent increase in overseas Filipino workers. The number is estimated to go up over time, indicating a need for improving fintech digitalization.

The collaboration between RCBC and Digital Wallet Corporation sparks a new era of digital banking services in the Philippines.

By harnessing the strengths of both entities, this partnership aims to redefine the FinTech landscape, offering solutions tailored to the evolving needs of Filipino customers.