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- Philippines - eCurrency Mint and Rizal to launch digital cash in PhilippineseCurrency Mint has partnered with Commercial Banking Corporation (RCBC) to unleash its money product in the .

Called RCBC it offers transactions between existing payments platforms and will be available to hold in all e-money wallets.

RCBC says it’s in support of the regulatory sandbox initiative introduced by Bangko Sentral ng Pilipinas (BSP), the central bank. Recently, the BSP released the results of a survey that showed that 86% of Filipino households do not have bank accounts. RCBC is keen to tap into the financial inclusion .

RCBC’s digital money will be based on eCurrency technology, which ensures that the digital payment instrument “cannot be counterfeited or compromised” and brings a “degree of transparency”.

The firms plan to make it available by Q2 this year.

RCBC is part of the Yuchengco Group of Companies (YGC). In 2016, BSP issued a PHP 1 ($21 million) fine to RCBC for cybersecurity failings as it was used by criminals to channel $81 million stolen from Bangladesh’s central bank.



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