RCBC, Hungarian FinTech opens doors to OFW digital banking

THE Philippines’ first embedded finance initiative for overseas Filipino workers (OFWs) through the collaboration between Rizal Commercial Banking Corporation (RCBC) and Hungary-based fintech Peak Card Services Ltd. (Peak) and Columbus Private Equity Fund (Columbus) was announced during the series of events organized for the celebration of the 50th anniversary of the Hungary-Philippines diplomatic relations in Manila.

The partnership would soon enable OFWs to download the Peak mobile app with RCBC embedded digital banking platform, allowing them to open an RCBC peso and Hungary foreign accounts in a single app assisting them in managing their finances while working abroad and supporting their family back home.

At the MoA signing are (from left) RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva, RCBC President and CEO Eugene Acevedo, Founder and CEO of Peak Card Services Ltd. Márton Suppan, and Columbus Private Equity Fund Board Member Gábor Rudas. CONTRIBUTED PHOTO 

Founder and CEO of Peak Hungary Márton Suppan, RCBC President and CEO Eugene Acevedo, RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva, and Columbus Private Equity Fund Board Member Gábor Rudas signed the Memorandum of Understanding sealing the embedded finance partnership.

It was witnessed by the Ambassador of Hungary to the Philippines Titanilla Tóth, Prime Minister’s Commissioner for the protection of the Hungarian way of life and national values Zsolt V. Németh, Deputy State Secretary for External Economic Relations of the Ministry of Foreign Affairs and Trade of Hungary Katalin Bihari, and Department of Migrant Workers Undersecretary for Policy and International Cooperation Atty. Patricia Yvonne Caunan.

The signing also coincided with RCBC’s 63^rd anniversary.

With the partnership being fully supported by the Hungarian government through its Ministry of Foreign Affairs and Trade, OFWs will have access to a wide range of digital financial services, which include RCBC’s digital lending such as salary advance, home and car loan, and personal loan. The pilot will kickstart in Hungary and will eventually expand to other European Union member states and the United Kingdom.