Finance


Robinsons Bank to go into credit card business




Posted on June 27, 2017


GOKONGWEI-LED Robinsons Bank Corp. (Robinsons Bank) will soon foray into the credit card business, its director said, with the bank already gearing up for the official rollout of cards to its customers before the year ends.

www.robinsonsbank.com.p
Robinsons Bank said it plans to launch its credit card business by yearend after it bagged the necessary approvals.

“We will launch our card business soon. That could be before the end of the year, maybe in the last quarter we will launch our credit card business,” Robinsons Bank Director Omar Byron T. Mier told reporters in a recent interview.

“We already got approvals externally for that, so we’re just preparing the launch,” he added.

According to the bank’s director, they have partnered with Mastercard for their credit cards.

Asked if the credit cards will be chip-based, Mr. Mier said, “Yes. It has to be.”

In 2014, the Bangko Sentral ng Pilipinas announced that it will impose the Europay Mastercard Visa (EMV) on local card-issuing firms, originally setting a deadline of institutions to be compliant by Jan. 1.

However, as some banks and financial firms were not able to meet the deadline, the central bank gave Philippine lenders a June 30, 2018 deadline to fully adopt to the EMV technology, which makes use of microchip-based rather than magnetic strip cards for its depositors and credit card holders.

The EMV system is currently the international standard as it is deemed more secure compared to the magnetic strip cards which are prone to skimming -- usually done by illegally tapping into automated teller machine terminals to steal client data.

Robinsons Bank’s bottom line reached P58.5 million in the first three months of the year on the back of an increase in its interest income, which grew by 28% by end-March.

Meanwhile, its total assets in the January to March period also grew to P75.1 billion. -- Janine Marie D. Soliman