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RCBC, DA5 partner for scaling financial inclusion

RCBC, DA5 partner for scaling financial inclusion

 Philippines’ undisputed and award-winning digital challenger bank Rizal Commercial Banking Corporation (RCBC) has forged a partnership with DA5, a joint venture company consisting of the national confederation of cooperatives together with companies engaged in the businesses such as pawnshop, money changing, shopping malls and food shops, in the deployment of the Philippines’ first neighborhood and handheld automated teller machine RCBC ATM Go.

The partnership aims to provide convenient financial services to Filipinos by expanding the reach of RCBC ATM Go terminals across the partner merchants of DA5. Through this collaboration, Filipinos can easily access cash-out disbursements, balance inquiries, and funds transfers without the need to visit banks or bank-dedicated ATMs. As a neighborhood automated teller machine, RCBC ATM Go offers fast, secure, and reliable financial services, which are now easily accessible through community-based organizations and merchants.

RCBC ATM Go is the Philippines’ first grassroots-based mobile handheld device and last-mile ATM/POS network. The award-winning innovations also has the most extensive reach covering all 82 provinces with close to 70% of its financial transactions servicing social aid or ayuda cashout of millions of beneficiaries of the government’s 4Ps or the Pantawid Pamilyang Pilipino Program.

“This partnership will not only sustain our reach across all 82 provinces nationwide but also further our goal to promote financial inclusion by providing unbanked and underserved Filipinos with responsive and responsible access to financial services,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer.

“Through this strategic initiative, we will create meaningful impact and drive sustainable growth for both our organizations and the communities we serve. This is also part of RCBC’s relentless pursuit to increase our footprint across the country and cement our position as the bank of choice for all Filipinos,” Villanueva added.

RCBC ATM Go has recorded impressive fintech-like growth with 2022 revenues and gross transaction value increasing up to 59% and 44%, respectively. The pioneering service has also recorded a five-year revenue compounded annual growth rate of 48% with partner merchants’ growth at 31%.

This month alone, more than 1,000 RCBC ATM GO terminals will be deployed across the provinces and communities in the country.

RCBC ATM Go is part of the challenger bank’s suite of digital innovations aimed at providing Filipinos with an easy, accessible, and convenient digital finance system that matches Filipinos’ growing needs. The continuous development of RCBC’s digital offerings has cemented the bank’s position as the leading digital challenger bank in the country. The whole RCBC digital ecosystem recorded massive growth with impressive end-of-year earnings, posting a 54% jump in year-on-year revenue. From 2021 to 2022, RCBC saw a 41% increase in gross transaction value.

RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations.  It is now the Philippines’ 5th largest privately-owned universal bank from 8th place in asset ranking in 2018. It accomplished and maintained this feat from 2020 to the present, even breaching the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic and various investment activities by competition. RCBC’s continuing digital and business transformation further enhanced its value and reach. RCBC has now become the most awarded Philippines bank. Among its recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million.


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