Rizal Commercial Banking Corporation (RCBC) has partnered with FastPay Global Payments Inc, which has a mobile remittance app that operates exclusively in Taiwan, to serve the remittance needs of overseas Filipino workers there.
The bank said that, with FastPay, overseas OFWs can send money directly from Taiwan to their loved ones' RCBC bank accounts as well as to other Philippine bank accounts.
Migrant workers also have the option of having their beneficiary pick up the remittance in cash from over 17,000 RCBC pay-out partner outlets nationwide in the Philippines.
RCBC Global Transaction Banking Group Head Martin Tirol said the partnership with FastPay is part of the Yuchengco-led bank’s commitment of being a partner through generations, providing more convenience to OFWs living in Taiwan.
“Knowing that Taiwan is a great place of opportunities for overseas Filipinos, RCBC Telemoney bridged the gap in terms of remittances: OFWs can now comfortably send their remittances from the FastPay app directly to an RCBC customer’s bank account,” said Tirol.
He added that the friction-free service is part of the bank’s digitalization strategy.
There are approximately 160,000 Filipino workers in Taiwan. The Filipino community in Taiwan is primarily composed of individuals working in various industries, including manufacturing, domestic work, and the service sector.
“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 to support RCBC Telemoney accounts,” said FastPay CEO Samuel Chan.
He added that, “We are excited to introduce the FastPay mobile app as the exclusive solution for Filipinos working in Taiwan, providing a direct connection to their RCBC Telemoney accounts.”
FastPay’s vision encompasses several key pillars such as 24/7 availability, user-friendly interface, low-service fee transfers, reliable customer support; OFW community engagement, and partnerships with local businesses.