Philippines' best digital bank 2021: RCBC
Asiamoney is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2023
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
AwardsBest Bank Awards

Philippines' best digital bank 2021: RCBC


Eugene S Acevedo, President and CEO, RCBC.jpg
Eugene S Acevedo, RCBC

Rizal Commercial Banking Corporation’s strategy of using its digital prowess to do good in the Philippines is what captures Asiamoney’s attention the most this year.

Under the leadership of Eugene Acevedo, chief executive and president of RCBC, the bank had disbursed more than $293 million in financial aid on the part of the government, benefitting roughly 4.1 million low-income families, or nearly 21 million individuals in 72 of the nation’s provinces, as of May 2021. Cash was handed out through RCBC partner rural banks, cooperatives, microfinance institutions, retail stores and even pawnshops. As it led the first large private-sector initiative of the pandemic era to disburse much-needed government aid, RCBC discovered places where its digital banking capabilities could gain greater traction.

Before the pandemic, about 71% of adult Filipinos, or 51.2 million people, were unbanked, and only 10% of them were using digital apps. It has long been a goal of Bangko Sentral ng Pilipinas to change that narrative.