RCBC launches online FX trading facility

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RIZAL Commercial Banking Corp. rolled out an online foreign exchange trading platform. — BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) has launched an online platform allowing its clients to buy and sell currencies.

In a statement Wednesday, RCBC said it has launched the Online FX Trading Platform, which it said is the first and only online foreign exchange execution platform in the country.

This platform eliminates the need for face-to-face or over-the-phone transactions when exchanging foreign currency.

“This new product, developed by RCBC, allows the bank clients to buy and sell their foreign currency at any given time from the safety of their own homes, or even from abroad,” the bank said.

For clients to use this platform, RCBC clients have to enrol at least two different currency accounts through RCBC’s online banking facility.

Once eligible, clients can buy and sell major currencies between their enrolled accounts such as US dollar, Euro, British pound, Japanese yen and Singaporean dollar, among others.

“The Online FX Trading Platform revolutionizes foreign exchange transactions for the country,” Gil A. Buenaventura, RCBC president and chief executive officer, was quoted as saying in the statement.

“Never before has a Philippine bank been able to provide their clients a platform that allows them to trade foreign currency at their own time and place.”

“In taking out the need for face-to-face transactions, our clients are ensured greater ease in that they can buy and sell their foreign currencies without being restricted by geography,” RCBC Senior Executive Vice-President Chester Y. Luy added.

Last month, RCBC launched its digital money e-Piso in partnership with eCurrency Mint Ltd., promising a more secure and efficient way of paying.

The lender is also set to offer a remittance service using blockchain technology in partnership with two Japanese banks for a cheaper and faster way of sending money.

RCBC, the tenth-biggest bank in asset terms as of end-March, booked a net income of P1.1 billion in the first quarter, 13.1% higher than the P1 billion logged in the same period last year, supported by robust loan growth and reduction in non-performing assets.

Shares in RCBC closed at P28.60 apiece on Wednesday, down 35 centavos or 1.21%. — Karl Angelo N. Vidal