Rizal Commercial Banking Corp. (RCBC), led by the Yuchengco Group, announced a strategic partnership with South Korean fintech company Cashmallow enabling cardless cash withdrawals for international travelers in the Philippines. The collaboration allows users of Cashmallow’s MallowLink service, including South Korea’s Woori Bank, to access cash at RCBC ATMs by scanning a QR code, eliminating the need for physical cards.
This initiative is designed to reduce high international transaction fees while providing better exchange rates for travelers. It also enables overseas workers to send remittances to the Philippines faster and at more competitive rates. Beneficiaries can receive funds instantly.
Currently available to South Korean users, the service will soon expand to travelers from Hong Kong, Japan, and Taiwan. Cashmallow users can access 1,482 RCBC ATMs equipped with QR code withdrawal functionality, with no fees in major Philippine airports such as Mactan-Cebu International, Ninoy Aquino International, and others.
Martin Tirol, RCBC transaction banking group head, emphasized that the partnership enhances the travel experience by offering secure, convenient access to funds while removing traditional foreign transaction barriers. The initiative marks a significant step in providing global money access solutions for international travelers.
