Members of the Social Security System (SSS) will soon receive their SSS benefits and loan proceeds through their digital-enabled Unified Multi-purpose Identification (UMID) debit ATM cards powered by Rizal Commercial Banking Corporation (RCBC). The digital collaboration was sealed during the signing of the memorandum of agreement between the SSS and RCBC on October 20 at the SSS main building in Quezon City.
With this digital initiative, SSS members will now have the option to apply for SSS UMID cards powered by RCBC DiskarTech, the Philippines’ first and only Taglish and Cebuano financial inclusion mobile app. Fully verified SSS members will enjoy 3.25% interest on their RCBC DiskarTech basic deposit accounts with no required maintaining balance aside from other features such as loans, buy load, bills payment, insurance, free fund transfers for RCBC and DiskarTech users, telemedicine, rewards, and livelihood opportunities, among others.
The new card will give members the convenience of having a government ID and an ATM card in one.
During the signing of the memorandum of agreement, RCBC president and chief executive officer Eugene S. Acevedo said the partnership with SSS forms part of RCBC’s drive to bring banking and financial services closer to every Filipino even in geographically isolated and disadvantaged rural areas.
“The best way to solve problems is always to work and collaborate with organizations with similar objectives and whose hearts are equally in the right place. And obviously, that’s SSS. That’s why our tagline is partners through generations. Today, we welcome another meaningful partnership through digital-enabled UMID cards for millions of SSS members like myself, and powered by RCBC-DiskarTech,” Acevedo added.
SSS president and chief executive officer Michael G. Regino said that its digital partnership with RCBC is aligned with its goal to give Filipinos the chance to be part of the financial system, giving them access to official and secured financial services. “The intent of this good program is to make every SSS member financially included. The single biggest change which we believe will bring an ordinary SSS member who does not have an account is the chance to be included in the financial system. With RCBC, we are on the right track,” said Regino.
“This is another milestone in supporting the government’s National Strategy for Financial Inclusion and the Digital Payments Transformation Roadmap anchored on the Administration’s eight-point socioeconomic agenda. Collaboration is key in accelerating inclusive growth” said Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.
The BSP’s digital payments transformation roadmap aims to transform at least 50 percent of retail financial transactions to digital and enable 70 percent of adult Filipinos to have transactional accounts.
Sumitomo Mitsui Banking Corporation (SMBC) recently increased its 5 percent stake in RCBC to 20 percent with over Php 27.12 billion capital infusion. RCBC also reported an 88 percent surge in its net income to P10.1 billion in the January to September 2022 period, resulting in a nearly 30 percent improvement in its gross income.