RCBC Ties Up with Taiwan-Based Remittance Service FastPay

Rizal Commercial Banking Corporation (RCBC) has partnered with mobile app FastPay to provide more remittance options for Filipinos abroad. The service, however, will be exclusively available to migrant workers in Taiwan. 

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“Knowing that Taiwan is a great place of opportunities for overseas Filipinos, RCBC Telemoney bridged the gap in terms of remittances,” Martin Tirol, head of Global Transaction Banking Group at RCBC, said, adding the service is part of their digitalization strategy.

Taiwan, where FastPay is based, is home to around 160,000 overseas Filipino workers (OFWs) employed across various industries, according to RCBC. Through the partnership, OFWs will be able to send money directly to their families in the Philippines, whether via their RCBC or other bank accounts. Beneficiaries may claim their remittances from the Yuchengco-led bank's network of more than 17,000 payout partner outlets nationwide.

“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,” Samuel Chan, CEO of FastPay Global Payments, Inc., said.

FastPay is a Taiwan government-authorized fintech company established in 2022. It specifically provides remittance services to OFWs in the East Asian country, offering high exchange rates and low service charges through its app.

RCBC is the fifth largest privately owned universal bank in the Philippines, with over P1.2 trillion in total resources as of 2023. It is owned by one of the oldest and biggest conglomerates in Southeast Asia, the Yuchengco Group of Companies.