RCBC ATM Go deploys to over 3,000 MLhuillier outlets
The undisputed and award-winning digital challenger bank Rizal Commercial Banking Corporation (RCBC) has forged a partnership with the country’s largest non-bank financial institution MLhuillier. The partnership entails the deployment of RCBC’s handheld and Philippines’ first community and last mile RCBC ATM Go terminals to over 3,000 MLhuillier branches nationwide.
RCBC ATM Go is an award-winning digital innovation that has the most extensive reach covering all 82 provinces with close to 70% of its financial transactions servicing millions worth of social aid or ayuda of the national government’s 4Ps/CCT or the Pantawid Pamilyang Pilipino Program beneficiaries.
“By partnering with MLhuillier, we combine our unmatched strengths, expertise, and reach to create a more comprehensive suite of financial services that close the gap for underserved Filipinos. This partnership is beneficial not only for our customers but for the country, as we work towards a more financially inclusive Philippines,” said Lito Villanueva, RCBC Executive Vice President, and Chief Innovation and Inclusion Officer.
“This is very important because it goes hand in hand with what MLhuillier stands for. Our services are scattered throughout the country with more than 3,000 M Lhuillier branches, and what we do is really to provide financial inclusion to the mass base of Filipinos. So, today with RCBC and this technology of POS devices, people will be able to come in for their ayuda or social benefits from the government. This is something we are excited to roll out together as we use their technology and our technology to provide financial services to the country,” said Michael Lhuillier, President, and CEO of MLhuillier.
“This collaboration is very strategic and part of our objective of further expanding our reach in all provinces around the country. While we already covered the entire 82 provinces nationwide, we want to further fortify that and strengthen it with more outlets. With MLhuillier’s massive network, it would definitely be of value, especially in reaching out while providing responsive and responsible financial access to our unbanked and reserved Filipinos. M Lhuillier will definitely be RCBC’s extension in reaching out to those communities, especially in the geographically-isolated and disadvantaged areas,” Villanueva added.
“The RCBC ATM Go will be launched in all the branches of MLhuillier. We are talking of more than 3000 M Lhuillier branches nationwide and with the RCBC ATM Go present in our locations, the customers will really have the advantage of going to a bank because the RCBC ATM Go serves as an ATM to help people in remote areas. They need not go to the city anymore to withdraw or even deposit cash. So, this is really beneficial to the people” said Cecilia Lumapas, Money Transfer Services Manager, when asked about the benefit of the RCBC ATM Go being stationed in all their branches for its loyal customers.
RCBC ATM Go has recorded impressive fintech-like growth with 2022 revenues and gross transaction value increasing up to 59% and 44%, respectively. The pioneering service has also recorded a five-year revenue compounded annual growth rate of 48% with partner merchants’ growth at 31%.
RCBC ATM Go is part of the challenger bank’s suite of digital innovations aimed at providing Filipinos with an easy, accessible, and convenient digital finance system that matches Filipinos’ growing needs. The continuous development of RCBC’s digital offerings has cemented the bank’s position as the leading digital challenger bank in the country.
RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations. It is now the Philippines’ 5th 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 a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, Grand Champion for Digital Payments and Financial Inclusion by Bankers Institute of the Philippines Inc., and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million.
