RCBC named PH’s best domestic trade finance bank
The Rizal Commercial Banking Corp. (RCBC) was recognized this year for leading initiatives in the area of trade finance, trade finance services, and digital transformation in the Philippines.
For the second consecutive year, the Yuchengco-led bank won the Philippines’ Domestic Trade Finance Bank of the Year at the Asian Banking and Finance (ABF) Wholesale Banking Awards 2023.
The ABF Wholesale Banking Awards 2023 is the most prestigious award-giving body for wholesale banks in the Asia Pacific region. It recognizes banks for their innovative solutions, products, services, and deals that have transformed and developed the global financial industry.
“RCBC is proud to have been acknowledged as the top trade finance bank and the provider of the best trade finance services in the Philippines. The bank is dedicated not only to fulfilling but surpassing customer expectations and adapting to their changing requirements,” Global Transaction Group head, Emmanuel Narciso said.
Trade services offered by RCBC include processing all modes of trade payments for both importer and exporter clients. The bank also supports infrastructure projects in the Philippines, issuing Standby Letters of Credit (SBLCs) and Bank Guarantees (BGs) to finance private sector contractual obligations for such projects.
In 2022, the value of SBLC and BG issuances, whether under the sole liability of RCBC or against a counter-guarantee from RCBC’s partner banks, increased by 47 percent.
RCBC’s credit support, expertise in document review, and efficient coordination with project participants are key components to the successful execution of these deals, the bank said.
In 2022, RCBC rolled out two digital trade services to customers using its online banking platform, RCBC Online for Corporates (ROC). Because of this, enrolled clients can now submit their Letters of Credit (LC) application requests online using the document upload feature in ROC.
With this service, clients can save time and effort in form completion, document handling, and actual courier costs. Clients not located near an RCBC branch and who would normally need to physically submit their application documents largely benefitted from this.
Meanwhile, enrolled clients also have the option of submitting their debit authorization for payments of their customs duties and taxes online. This new service is an alternative to the physical submission of signed debit instructions, giving the client a more digital experience in settling their payment obligations to the Bureau of Customs.
