MANILA, Philippines - Rizal Commercial Banking Corp. (RCBC) has expanded its presence in the electronic financial ecosystem by forging an alliance with G-Xchange Inc. (GXI) for mobile banking services.
GXI, a unit of Globe Telecom, offers GCash, a commercial mobile service.
RCBC already has a mobile banking arrangement with Smart Communications Inc. other convenient banking platforms such as Internet banking, cash card services, telephone banking and automated teller machines (ATMs).
RCBC executive vice president Gary B. Villanueva said the GCash tieup is part of the bank’s orientation to make payment systems inclusive, nimble and cost efficient.
Turning to mobile transactions is an inevitable direction for banks that want to make banking convenient and accessible, he said.
It is estimated that practically every Filipino owns a mobile phone. Yet, less than 20 percent of the population has a bank account.
Villanueva said RCBC wants to expand its banking services and one way is to take advantage of technology. That, however, requires forging working relationships with sectors that impact on the daily spending lives of the population.
In the Philippines, there are only two dominant telecommunication companies with the capability for mobile services beyond voice and SMS.
“We are open to partnering, to be able to offer inclusive and simplified banking services,” Villanueva said on the sidelines of the agreement signing between the commercial bank and GXI.
Meanwhile, GXI president and chief executive officer Xavier G. Marzan explained that the alliance offers RCBC clients greater access to mobile banking services, particularly for domestic and international remittance.
Marzan said they have over 10,000 cash-in, cash-out outlets, and thousands of merchants partners.
“We are confident that our strategic partnership with RCBC would promote wide use of convenient, safe and secure mobile money transactions as local economic growth continues to gain traction,” he said.
RCBC is the second major bank that has allied with GXI. The Bank of the Philippine Islands (BPI) and its allied financial institutions such as BPI Family Savings Bank were the first to utilize GCash.
Globe and BPI are part of the Ayala Group of Companies.
Marzan said they are open to forging more alliances with all types of domestic banks and other non-bank financial institutions.