Higala, RCBC to drive financial inclusion

MANILA, Philippines — Inclusive instant payments platform operator Higala Group Inc. has teamed up with Yuchengco-led Rizal Commercial Banking Corp. (RCBC) to operationalize an open payments platform that expands digital financial access to the unserved and underserved sectors in the Philippines.

SynerFi was created to help rural banks and microfinance institutions (MFIs) offer their customers digital transactions through InstaPay, bringing banking services directly to their communities and fostering broader financial inclusion.

Under the partnership, Higala will provide the technology that powers SynerFi, enabling rural banks and microfinance institutions to connect seamlessly to a digital payments network.

RCBC, on the other hand, will act as the sponsor platform bank and manage the essential regulatory requirements, such as compliance, clearing and settlement.

“SynerFi brings digital services within reach for rural banks and MFIs that have traditionally been left out of the payments ecosystem,” Higala CEO Vice Catudio said.

“Through SynerFi, we are reducing entry barriers and ensuring these institutions can thrive in InstaPay. Expanding financial access allows them to empower more Filipinos with the tools needed for economic participation and progress,” Catudio said.

By connecting local banks and MFIs to InstaPay, SynerFi allows these smaller, community-based financial institutions to offer faster, more affordable digital transactions, such as sending money, paying bills and buying or selling goods online.

This means customers can access convenient financial services in their communities without needing to travel or rely on cash.

Ultimately, SynerFi empowers more Filipinos to manage their finances digitally, helping them save time, reduce costs and improve their financial well being.

“RCBC’s collaboration with Higala through its SynerFi would further advance accessible and inclusive payment channels as pillars of sustainable finance, creating and opening doors of opportunities for millions of people nationwide,” RCBC chief innovations and inclusion officer Lito Villanueva said.

To date, only three percent of the total volume of digital transactions is interoperable across participating financial institutions. Only five percent of over 360 rural banks participate in InstaPay, while all 2,400 credit cooperatives and 4,300 NGO-MFIs are excluded.