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RCBC eyes digital banking license to boost profits, official says

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Bruce Rodriguez, ABS-CBN News

<p>MANILA - Rizal Commercial Banking Corp has plans to apply for a digital banking license, its president and CEO Eugene Acevedo said Tuesday.</p><p>&quot;It&#x27;s something that we&#x27;ve been discussing extensively inside the bank. I cannot say anything further except to say that, yes we have plans for applying for a new digital banking license,&quot; Acevedo said in a virtual briefing. </p><p>Digital banks are now recognized by the Bangko Sentral ng Pilipinas under its recently released <a href="https://news.abs-cbn.com/business/11/27/20/bsp-recognizes-digital-bank-as-new-bank-category">digital banking framework</a>. </p><p>So far, the BSP has granted digital banking licenses to the Overseas Filipino (OF) Bank, Tonik Bank and UnoBank.</p><p>The country&#x27;s 8th largest bank in terms of assets recently said the announced investment by Japan&#x27;s Sumitomo Mitsui Banking Corp worth P4.48 billion could help boost its digital business.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/28/21/japans-sumitomo-mitsui-to-take-5-pct-stake-in-rcbc">Japan&#x27;s Sumitomo Mitsui to take 5 pct stake in RCBC</a></li></ul><p>Acevedo said boosting the digital business can help them improve profitability as interest rates remain low due to the health crisis.</p><p>&quot;The only way to do that, so far as we&#x27;ve seen, is by using mobile apps as our main factory rate for servicing customers, as our main interface for engaging customers,&quot; he said.</p><p>RCBC closed 70 branches in 2020 as they saw most of their customers migrate to the bank&#x27;s online channels.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/02/21/rcbc-says-diskartech-app-users-more-than-doubled-daily-deposits-in-january">RCBC says DiskarTech app users &#x27;more than doubled&#x27; daily deposits in January</a></li></ul><p>RCBC said it allocates 8 percent of its gross revenues on IT investments or around P3 billion based on its topline figure in 2020 at P37 billion.</p><p>BSP Governor Benjamin Diokno earlier said the central bank is currently reviewing more digital bank license applications. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/09/21/unobank-launch-soon-philippines-digital-bank">UNObank eyes launch in PH after securing digital bank license</a></li>	<li><a href="https://news.abs-cbn.com/business/03/18/21/new-digital-bank-tonik-offers-time-deposit-interest-up-to-6-percent">New digital bank Tonik offers time deposit interest up to 6 percent</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1705692" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Rizal Commercial Banking Corp has plans to apply for a digital banking license, its president and CEO Eugene Acevedo said Tuesday.</p>

Rizal Commercial Banking Corp has plans to apply for a digital banking license, its president and CEO Eugene Acevedo said Tuesday.

RCBC eyes digital banking license to boost profits, official says

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RCBC eyes digital banking license to boost profits, official says

Bruce Rodriguez,

ABS-CBN News

Published Jun 29, 2021 04:39 PM PHT

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Updated Jun 30, 2021 10:33 AM PHT

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Rizal Commercial Banking Corp.

Sumitomo Mitsui Banking Corp.

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