RCBC participates in the Singapore FinTech Festival

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For the first time ever, RCBC, as an affiliate of the Sumitomo Mitsui Banking Corporation (SMBC), participated in the recently-concluded Singapore FinTech Festival (SFF). SMBC is Japan’s second-largest multinational banking and financial services institution that has increased its 5% stake in RCBC to 20%. RCBC is currently the 6th largest private universal bank in the Philippines in terms of assets following this additional investment of US$460.8M (PHP27.13B) from SMBC.

Under the deal, SMBC will buy 382 million RCBC shares at PHP71 each, which is more than triple the current share price and about 1.5 times its book value per share. The stake is also a 61% premium to the price paid for its initial 4.999% stake acquired in June 2021.

The latest infusion will allow RCBC to expand its core businesses in key customer segments such as corporate, SMEs, and consumer, retail markets including high-net-worth clients, the mass affluent, and the mass market with its massive digital transformation thrust.

RCBC reported a consolidated income of PHP10.1B for the first nine months of 2022, a whopping 88% increase from the same period last year, surpassing the PHP7B profit achieved in the whole year of 2021.

The bank celebrated the Philippines’ digital transformation journey and its pioneering solutions at the Singapore FinTech Festival 2022 at the Singapore Expo last 02 to 04 November 2022. The annual celebration returned as an in-person event for the first time since 2019. During the three-day festival, RCBC showcased the continuous digitalization of the Philippines to more than 90,000 attendees from over 100 countries.

To bring the Philippine digital experience to Singapore in the most immersive way possible, RCBC used hologram-based visuals to promote its digital solutions to the public, such as its all-in finance hub RCBC Digital; multi-lingual financial inclusion super-app DiskarTech; the Philippines’ first neighborhood ATM and largest last mile mobile RCBC ATM Go network; and the latest phygital (physical-digital) solution RCBC MoneyBela Barangayan Banking. These innovative solutions from RCBC are important and life-changing milestones for the Philippines’ swift rise toward becoming a digital, financially inclusive country.

“Innovation with empathy is using technology not to impress but to express our genuine understanding of the needs and situations of our customers, and delivering these demand-driven inclusive innovations at scale. The future is not tomorrow, it is now,” according to Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC in his hologram message at the bank’s booth at SFF.

Visitors from around the globe were most delighted learning about RCBC’s MoneyBela Barangayan Banking, a one-of-its-kind banking solution that combines physical and digital experiences to bring banking to remote and rural areas. RCBC MoneyBela uses sustainable electric tricycles to reach far-flung communities aligned with the environment, social, and governance or ESG framework with the United National Sustainable Development Goals. It provides millions of unbanked and underserved Filipinos in geographically isolated and disadvantaged areas with quick digital transaction accounts while providing personalized basic financial education by banking experience support (BES) agents in grassroots communities.

RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations. It is now the Philippines’ 6th largest privately-owned universal bank from 8th place in asset ranking in 2018. It accomplished and maintained this feat from 2020 to the present, even breaching the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic and various investment activities by competition. RCBC’s continuing digital and business transformation further enhanced its value and reach. RCBC has now become the most awarded Philippines bank. Among its recognitions include being cited as the Philippines’ Best Bank for Digital by Asiamoney for three consecutive years, and back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards.

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