bankingciooutlook

eCurrency with Rizal Commercial Banking Corporation Announces Commercial Launch of ePiso, a digital Philippine Peso

By Banking CIO Outlook | Monday, December 17, 2018

DUBLIN -- eCurrency Mint Limited (eCurrency) has collaborated with Rizal Commercial Banking Corporation (RCBC) to unleash its digital money product- ePiso in the Philippines.  RCBC stated that it is in support of the regulatory sandbox initiative by Bangko Sentral ng Pilipinas (BSP). 

At the RCBC launch event, more than 20 merchants displayed and sold their goods at a cashless marketplace to consumers who transacted in the secure ePiso. In her opening remarks, Margarita B. Lopez, RCBC Head of Digital Banking, explained that ePiso addresses the need to deliver accessible and affordable digital financial services in the country. The initial launch has been followed by dozens of merchant recruitment and agent on-boarding events.

"I am very happy to see this launch successfully start to make digital financial services truly secure and affordable," said Joey Mendoza, General Manager, Philippines, eCurrency. "It is great to partner with RCBC to bring progressive and trusted financial services to the Philippines."

The ePiso utilizes eCurrency technology to enable secure and efficient digital transactions.  ePiso can be transacted between multiple payments platforms and will be available to be held in all e-wallets.

The ePiso initiative has received a no objections approval from the BSP.  It is "consistent with BSP's test-and-learn approach, aimed at promoting development and innovation at the same time assuring that risks are adequately managed," commented Melchor T. Plabasan, Deputy Director, Core IT Specialist Group, BSP, in an interview for the ITU FGDFC Workshop. "Lessons and insights from this RCBC pilot may serve as useful inputs as we conduct further research on how digital currencies can be feasibly explored in the future."

"We're thrilled that merchants are successfully using ePiso to transact with consumers," stated Jonathan Dharmapalan, CEO, and founder, eCurrency. "This is an excellent demonstration of the eCurrency technology for the Philippine regulatory sandbox."

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