Rizal Commercial Banking Corporation (RCBC) is intensifying its international expansion efforts to cater to the financial needs of overseas Filipino workers (OFWs) across the Asia Pacific, Europe, and North America. RCBC’s remittance service, Telemoney, is known for its secure and efficient fund transfer capabilities and is set to capitalize on the growing demand for remittance solutions in these regions.
Martin Tirol, head of RCBC’s transaction banking group, said that while the bank has established a strong presence in the Middle East, it is now focused on the burgeoning markets of Asia Pacific, Europe, and North America where the number of OFWs continues to rise. “The competitive landscape has shifted with the entrance of fintech companies, but RCBC is prepared to leverage its technological capabilities,” he said, emphasizing competitive rates and faster transaction times.
As part of its strategy, RCBC partnered with Japan’s Digital Wallet Corporation to enhance cross-border transactions and has recently onboarded Fastpay Global Payments in Taiwan, allowing for secure remittance transactions via the Fast Pay app. This initiative aims to attract new customers and streamline services for Taiwan-based OFWs.
According to the Bangko Sentral ng Pilipinas, cash remittances from OFWs have seen consistent growth, with May remittances reaching USD2.58 billion—a 3.6 percent increase from the previous year. Year-to-date remittances total USD13.37 billion, reflecting a steady annual growth rate.
To further improve service delivery, RCBC has transitioned to a fully digital onboarding system available in 35 countries, boosting convenience for overseas clients. Additionally, the bank has established a dedicated Telemoney customer service team to address the unique needs of OFWs, positioning itself as a leader in the remittance market.
RCBC’s commitment to competitive rates and superior customer service underscores its ambition to become the preferred remittance partner for Filipinos abroad.
