eCurrency and RCBC introduce digital cash in Philippines
eCurrency Mint (eCurrency) and Rizal Commercial Banking (RCBC) have partnered to launch a digital money product in the Philippines
Supporting the central bank of the Philippines’ regulatory sandbox initiative, the launch of RCBC Cash will enable the user to transact between existing payments platforms and hold it in all e-money wallets.
According to a recent survey by Bangko Sentral ng Pilipinas (BSP), nearly 86% of Filipino households do not have bank accounts.
RCBC expects that the introduction of digital money product will expedite financial inclusion process as well as give the common people a new avenue to save and transact using a digital payment instrument.
The new solution is based on eCurrency technology to secure online transactions.
Additionally, the degree of transparency necessary by the solution’s interoperability encourages greater governance and effective regulations.
RCBC president and CEO Gil Buenaventura said: “This launch demonstrates our commitment to bringing progressive and trusted financial services to the Philippines.
“eCurrency’s solution enables RCBC to launch resilient and innovative digital wallet services through RCBC’s own and partner channels.”
eCurrency founder and CEO Jonathan Dharmapalan said: “By adopting the eCurrency solution, RCBC is creating a highly-secured digital payment instrument and e-money ecosystem.
“Our mission is to offer a digital solution that preserves the secure and inclusive characteristics of physical fiat currency and provides enhanced protection for RCBC’s partners and customers.”
Both the parties will work with BSP to make the solution available from the second quarter of this year.