The Rizal Commercial Banking Corporation (RCBC), one of the Philippines’ top 10 banks by assets, has announced an upcoming remittance payments service from Japan using blockchain technology.
Speaking to reporters on Thursday, RCBC first senior vice president Manny T. Narcisco revealed that the banking giant is developing the blockchain platform to enable cheaper and faster remittances for overseas Filipino workers (OFWs) in Japan.
“For the OFWs in Japan, [this service] will make remittance faster and cheaper as we will collect less fees,” the senior bank official was quoted stating by BusinessWorld.
Notably, the bank has partnered with technology giant IBM and another unnamed partner to develop the blockchain platform.
“IBM has decided to pilot it with 15 banks around the world, we’re the only one in the Philippines that they included in this pilot test,” Narcisco added. Details surrounding the type of blockchain deployed are currently scarce and IBM wasn’t available for a comment at press time.