MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has partnered with FastPay, a mobile remittance app that operates in Taiwan, to help overseas Filipino workers in Taiwan send money back home.
RCBC, in a statement, said the partnership would allow OFWs to send money directly from Taiwan to their dependents’ RCBC bank accounts or other Philippine bank accounts.
Beneficiaries could also pick up remittances in cash from over 17,000 RCBC pay-out partner outlets nationwide in the Philippines.
Martin Tirol, global transaction banking group head at RCBC, said the partnership with FastPay is part of the lender’s commitment of being a partner through generations, providing more convenience to OFWs living in Taiwan.
“Knowing that Taiwan is a great place of opportunities for overseas Filipinos, RCBC Telemoney bridged the gap in terms of remittances. OFWs can now comfortably send their remittances from the FastPay app directly to an RCBC customer’s bank account,” he said.
Tirol also noted that friction-free service is part of the bank’s digitalization strategy.
According to the bank, there are around 160,000 Filipino workers in Taiwan, primarily composed of individuals working in various industries such as manufacturing, domestic work and the service sector.
“We at FastPay are proud to partner with RCBC on this initiative as their inaugural fintech partner, using our expertise as a trusted international remittance company to support RCBC Telemoney accounts,” Samuel Chan, CEO of FastPay Global Payments Inc., said.
“We are excited to introduce the FastPay mobile app as the exclusive solution for Filipinos working in Taiwan, providing a direct connection to their RCBC Telemoney accounts,” Chan said.
FastPay is currently a part of FinTech Space, a fintech company instructed by the Financial Supervisory Commission of Taiwan and co-funded by its private wing Taiwan Financial Service Roundtable.
FastPay’s vision encompasses several key pillars such as availability, user-friendly interface, low-service fee transfers and reliable customer support.