eCurrency Mint and Rizal to launch digital cash in Philippines
Called RCBC Cash it offers transactions between existing payments platforms and will be available to hold in all e-money wallets.
RCBC says it’s in support of the regulatory sandbox initiative introduced by Bangko Sentral ng Pilipinas (BSP), the central bank. Recently, the BSP released the results of a survey that showed that 86% of Filipino households do not have bank accounts. RCBC is keen to tap into the financial inclusion market.
RCBC’s digital money will be based on eCurrency technology, which ensures that the digital payment instrument “cannot be counterfeited or compromised” and brings a “degree of transparency”.
The firms plan to make it available by Q2 this year.
RCBC is part of the Yuchengco Group of Companies (YGC). In 2016, BSP issued a PHP 1 billion ($21 million) fine to RCBC for cybersecurity failings as it was used by criminals to channel $81 million stolen from Bangladesh’s central bank.