BANK OF CHINA Manila on Thursday said it launched a new foreign exchange (FX) conversion feature in its mobile and internet banking services. 

The bank said individual clients will be able to convert Philippine peso (PHP) to renminbi (RMB), US dollars, and euro in real time. 

“The improvements to our online forex conversion capacity is a reflection of our direction as a bank as we continue to grow our digital capabilities in support of our customers in the Philippines,” Bank of China Manila Country Head Deng Jun said in a press release. 

Bank of China said the feature is the first real-time RMB foreign exchange conversion service in a mobile app in the country. 

The new feature expands the conversion services, which had previously been available between foreign currencies and not the Philippine Peso. 

Clients must have both originating currency and target currency accounts with Bank of China Manila to use the feature. 

“For example, a client who wants to convert PHP to RMB should have both a PHP account and an RMB account with Bank of China Manila,” the bank said. 

Bank of China added that the service aligns with its digital transformation goals, in line with the central bank’s broader digital strategy. 

“A lot of business is now being done online, and the demand for faster and more convenient services is growing. That’s why digitalization has become an important part of our strategy,” Mr. Deng said. 

The Bangko Sentral ng Pilipinas Digital Payments Transformation Roadmap 2020-2023 aims to convert half the total volume of retail payments to digital and expand financial inclusion to 70% of Filipino adults through payment and transaction accounts.  

Bank of China Manila was named the official clearing bank for RMB in the Philippines, which allows the lender to enable local financial institutions to transfer RMB funds and participate in China’s foreign exchange and its security and bond markets. — Jenina P. Ibañez 

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