TOKYO, Japan – 18 April 2024 – Rizal Commercial Banking Corporation (RCBC), one of the leading financial service providers and a multi-awarded universal bank in the Philippines, and Digital Wallet Corporation (DWC), an IT and fintech company operating Smiles Mobile Remittance, known as Japan’s number one remittance service and having the largest ATM network access to its customers, proudly announce their strategic partnership aimed at revolutionizing the digital landscape of banking services in the Philippines.
As the fifth largest privately-owned universal bank in the Philippines, with over 1.2 trillion PHP in total resources as of Dec. 31, 2022, RCBC has consistently been at the forefront of digital innovation in the banking sector. Receiving the “Best Bank for Digital and Best Corporate Bank Philippines in 2024” from Global Banking and Finance, RCBC has solidified its top position in digital banking solutions. RCBC’s remittance service, Telemoney, was also recognized in 2022 and 2023 as “Remittance Company of the Year – Philippines” by the Asian Banking and Finance Retail Banking Awards, and in 2024 as “Best Remittance Service” by the Retail Banker International Asia Trailblazer Awards.
Digital Wallet Corporation, the first fintech and remittance company to receive the Good Design Award 2021 and its remittance service being voted number one by the Filipino community in Japan, shares RCBC's commitment to enhancing digitalization in the fintech industry. By utilizing RCBC's extensive reach and expertise in catering to the needs of millennials and tech-savvy consumers, especially 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 to 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 cutting-edge solutions tailored to the evolving needs of Filipino customers.