Rizal Commercial Banking Corporation (RCBC) and Southeast Asian fintech solutions provider TrueMoney have signed a digital collaboration agreement to expand the accessibility of RCBC’s loan products to underserved areas and emerging entrepreneurs.
This partnership aims to enhance access to loan solutions for more Filipinos.
TrueMoney’s agent base of 15,000 merchants will now have the opportunity to apply for and receive RCBC’s Pasado Loans, a quick-loan product designed for consumers facing high barriers to entry into the formal banking loan ecosystem. Stringent requirements and high interest rates have traditionally discouraged many Filipinos, especially micro and small entrepreneurs, from seeking formal loan solutions despite having stable incomes.
Partner retailers of TrueMoney will also have access to these loans, enabling them to support personal goals, long-term plans, or business expansion. These loans are expected to empower entrepreneurs, boost their commercial activities, and enhance economic growth.
“On behalf of RCBC, we are grateful to TrueMoney for partnering with us and affirming that the future of the Philippine economy relies on our MSMEs. By closing the funding gap for our MSMEs, we support not only the economic growth of the country but also the improvement of quality of life and the creation of decent, dignified jobs for our fellow Filipinos,” said Lito Villanueva, RCBC executive vice president and chief innovations and inclusion officer.
“Through this collaboration, we can reach more Filipino entrepreneurs with the financial solutions they need to thrive, championing a more inclusive and robust financial ecosystem for all,” said Arniel Vincent Ong, president and chief executive officer of RCBC Bankard Services Corporation.
“We are thrilled to partner with RCBC in this endeavor, demonstrating our mutual dedication to inclusivity in financial services. With TrueMoney’s plan to expand beyond agent business, this collaboration will revolutionize credit access by introducing a comprehensive loan origination service. This will transform local Sari-Sari stores and other MSMEs into financial powerhouses, reflecting our commitment to accessible service for all Filipinos,” said Manuel Cabañero II, president and country managing director of TrueMoney Philippines.
