RCBC took part in the recent The Future of Finance, Philippines 2018 conference with the theme “Strong Economy and Vital Innovation for the Philippines”. Organized by The Asian Banker, the annual forum featured discussions on the opportunities and challenges in the local banking market, how to reach the unbanked through digital technology, and how to successfully usher the country into the new era of digital banking.
A set of global speakers and panelists, including RCBC first senior vice president and head of digital banking group Margarita Lopez, presented case studies and best practices among more than 200 bankers, financial services professionals, policymakers, investors, innovators, regulators, academics, local, and international business leaders.
During the panel discussion on the Future of Payments for Filipinos, Lopez talked about the RCBC ePiso. “We want to enable easy, secure and convenient electronic payments as part of their day-to-day habits and once we do that, we then become part of their everyday lives,” noted Lopez as she underscored the bank’s mission to become part of consumers’ activities and to enable them with access to digital payments through ePiso.
Earlier this year, RCBC introduced the country’s first-of-its-kind digital currency, ePiso, that provides a more secure, affordable, and efficient way to handle cash for daily transactions. With ePiso, the bank hopes to bring a sustainable economic network that would advance financial inclusion in the country. ePiso has been successfully test-launched to residents in Brgy. Poblacion in Muntinlupa City, farming communities in Bukidnon, and merchants in Bulacan.
Margarita Lopez talks about RCBC’s continued efforts towards financial inclusion through empowering consumers and local businesses with ePiso. She shared that Filipinos can quickly adapt to digital solutions as she recounted the success of ePiso test launches where communities appreciated using the digitized currency and enjoyed cashless transactions with RCBC partner merchants in Muntinlupa City and Bulacan, and where farmers received loans and bought input supplies via ePiso in Bukidnon province.
Industry experts led the discussion on how to effectively drive the nation to a cash-lite economy. The panelists included (from left) The Asian Banker international resource director Richard Hartung, RCBC first senior vice president and digital banking group head Margarita Lopez, Development Bank of the Philippines head of branch banking sector and marketing group Antonio Maramag, USAID/E-PESO Activity chief of party Mamerto Tangonan, and Total System Services vice president and regional head of Asia, Middle East & Africa Malek Mroueh.