Digital challenger bank Rizal Commercial Banking Corporation (RCBC) has partnered with MLhuillier, the country’s largest non-bank financial institution, in an alliance seen to benefit recipients of government assistance.
The pact entails the deployment of handheld devices marketed as RCBC ATM Go terminals with the over 3,000 MLhuillier branches nationwide.
“By partnering with MLhuillier, we combine our unmatched strengths, expertise, and reach to create a more comprehensive suite of financial services that close the gap for underserved Filipinos. This partnership is beneficial not only for our customers but for the country, as we work towards a more financially inclusive Philippines,” said Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.
This means state aid is dispensed quickly and efficiently via RCBC’s handheld devices and recipients need only find the nearest MLhullier branch.
“This is very important because it goes hand in hand with what MLhuillier stands for. Our services are scattered throughout the country with more than 3,000 M Lhuillier branches, and what we do is really to provide financial inclusion to the mass base of Filipinos. So, today with RCBC and this technology of POS devices, people will be able to come in for their ayuda or social benefits from the government. This is something we are excited to roll out together as we use their technology and our technology to provide financial services to the country,” said Michael Lhuillier, president and CEO of MLhuillier.
“This collaboration is very strategic and part of our objective of further expanding our reach in all provinces around the country. While we already covered the entire 82 provinces nationwide, we want to further fortify that and strengthen it with more outlets. With MLhuillier’s massive network, it would definitely be of value, especially in reaching out while providing responsive and responsible financial access to our unbanked and reserved Filipinos. M Lhuillier will definitely be RCBC’s extension in reaching out to those communities, especially in the geographically isolated and disadvantaged areas,” Villanueva added.
“The RCBC ATM Go will be launched in all the branches of MLhuillier. We are talking of more than 3000 M Lhuillier branches nationwide and with the RCBC ATM Go present in our locations, the customers will really have the advantage of going to a bank because the RCBC ATM Go serves as an ATM to help people in remote areas. They need not go to the city anymore to withdraw or even deposit cash. So, this is beneficial to the people” said Cecilia Lumapas, money transfer services manager.
RCBC ATM Go has posted fintech-like growth with 2022 revenues and gross transaction value increasing up to 59 percent and 44 percent, respectively. The service has also recorded a five-year revenue compounded annual growth rate of 48 percent with partner merchants’ growth at 31 percent.
