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Technology

Bonds.PH app makes bond investing easy for unbanked

Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.
Union Bank of the Philippines President and CEO Edwin R. Bautista says the Bonds.PH mobile app will benefit every Filipino.

Have you ever thought of investing in retail treasury bonds? Now the Bonds.PH mobile app makes it easy for every Filipino, even the unbanked, to do so for as low as US$100.

The Philippine Bureau of the Treasury (BTr) is the first in Asia to launch an app for the distribution of retail treasury bonds enabled by Distributed Ledger Technology (DLT).

“The launch of Bonds.PH paves the way for all Filipinos, particularly the unbanked, to easily and affordably invest in the BTr’s newest retail treasury bond, RTB-24 or the Progreso Bonds. The mobile app presents a compelling opportunity for all to invest and help the Republic raise funds for economic recovery and COVID-19 response,” Philippine National Treasurer Rosalia V. De Leon said in a press statement.

The launch was made possible in partnership with Union Bank of the Philippines (UnionBank) and Philippine Digital Asset Exchange (PDAX).

“This is the first retail treasury bond issuance to leverage on blockchain technology in Asia, and likely the world. The Philippines is ready to lead the way into the future and tech up the nation with innovative, inclusive opportunities, powered by emerging technologies, for the benefit of all Filipinos,” said UnionBank President and CEO Edwin R. Bautista.

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Technology

TrueMoney supports sari-sari stores via Dagdag Puhunan

Sari-sari store owner Amy Garcia is thankful that TrueMoney is giving her convenient access to essential food and non-food products.
Sari-sari store owner Amy Garcia is thankful that TrueMoney is giving her convenient access to essential food and non-food products.

Amy Garcia, a sari-sari store owner for more than two decades, is one of the many beneficiaries of the low touch economy innovations of the award-winning Dagdag Puhunan program of TrueMoney Philippines.

“In these extraordinary times, TrueMoney Philippines accepts the challenge of helping the simple Filipino sari-sari store owner to thrive and survive,” TrueMoney Philippines CEO and Country Managing Director Eugene Go told Digital Life Asia.

TrueMoney, a payments and remittance network, has rolled out Dagdag Puhunan for the benefit of local communities amid the COVID-19 pandemic. In partnership with Unilever, it enables cashless payment for the purchase of essential food and non-food products.

“The sari-sari store is now more important than ever to supply the basic needs of the neighborhood given the mobility constraints and health safety precautions that everyone needs to observe in this time of the pandemic. While online groceries are now gaining popularity, a large number of consumers will most likely spend the money for delivery fees on their basic necessities instead,” TrueMoney Loans Business Unit Head Rocio-An Rentuza said.

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Technology

RCBC all-digital bank also inclusion super app, says EVP

RCBC EVP and Chief Innovation and Inclusion Officer Lito Villanueva says exciting times are ahead with the upcoming launch of the RCBC all-digital bank.
RCBC EVP and Chief Innovation and Inclusion Officer Lito Villanueva says exciting times are ahead with the upcoming launch of the RCBC all-digital bank.

As Yuchengco-owned Rizal Commercial Banking Corporation (RCBC) ramps up its digital transformation, it will launch an all-digital bank that will drive financial inclusion in the Philippines.

“RCBC will be launching an all-digital bank and it will be sooner rather than later. The company is not afraid to look towards the future and accept that legacy banking may be a thing of the past. A peek into what we have ahead: this new product will not only be an all-digital bank but also an inclusion super app — with an array of services that is more than what is offered in the market today. Exciting times are coming,” Lito Villanueva, EVP and Chief Innovation and Inclusion Officer of RCBC, told Digital Life Asia.

Villanueva is concurrently the Chief Digital Transformation Advisor of the Yuchengco Group of Companies (YGC). He emphasized the important role that digital transformation plays in financial inclusion.

“I believe that digital transformation is the wrecking ball that will bring down real and perceived barriers to financial inclusion for Filipinos. For one, majority of Filipinos already own mobile phones and are connected online. If we could bring financial services to their electronic devices, then we do not only have one foot in the door but we will literally be inside their homes. Well, digital transformation is not just about technology or devices. It is about mindset, culture, and people,” Villanueva said.