RCBC inks deal to aid OFWs in Taiwan

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has partnered with a Taiwan-based mobile remittance firm to support thousands of overseas Filipino workers (OFWs) sending money home.

RCBC on Friday said OFWs may now send money directly from Taiwan to their families’ RCBC accounts or to other Philippine banks through FastPay.

“Knowing that Taiwan is a great place of opportunities for overseas Filipinos, RCBC Telemoney bridged the gap in terms of remittances: OFWs can now comfortably send their remittances from the FastPay app directly to an RCBC customer’s bank account,” Martin Tirol, RCBC Global Transaction Banking group head, said in a statement.

Telemoney is RCBC’s digital remittance service platform that also offers separate savings accounts specifically for receiving remittances.

Meanwhile, FastPay, which operates under FastPay Global Payments Inc., is a mobile payment app that exclusively serves Filipinos working in Taiwan. It is also RCBC’s first financial technology-focused partner, the bank said.

To access FastPay, RCBC said OFW applicants need to download the app via the Google Play Store or Apple App Store and upload required documents, including an alien resident certificate and identification cards.

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According to the bank, recipients in the Philippines can pick up their remittance in cash from 17,000 RCBC payout partner outlets in the country.

Data from the Department of Migrant Workers show that there were around 150,000 OFWs in Taiwan last year, with most working in the manufacturing and services sectors.