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Yuchengco-led Rizal Commercial Banking Corp. and homegrown instant payments platform operator Higala Group Inc. have forged a partnership to expand the digital footprint of rural banks and micro-financing institutions.
In a news release, RCBC and Higala said they jointly created SynerFi.The financial firms said Synerfi would help rural banks and microfinance institutions expand their digital transactions through InstaPay as “traditionally, many rural and community banks have been excluded from the digital financial ecosystem due to regulatory and technological constraints.”RCBC and Higala said SynerFi would provide rural banks and microfinance institutions a seamless way to offer digital services to their customers and clients. Under the partnership, Higala will provide the technology to operationalize SynerFi while RCBC will act as the sponsor platform bank and manage the essential regulatory requirements, such as compliance, clearing, and settlement. "SynerFi brings digital services within reach for rural banks and MFIs that have traditionally been left out of the payments ecosystem,” said Higala CEO Vice Catudio. “Through SynerFi, we are reducing entry barriers and ensuring these institutions can thrive in InstaPay. Expanding financial access allows them to empower more Filipinos with the tools needed for economic participation and progress,” Catudio added.By connecting local banks and MFIs to InstaPay, RCBC and Higala said SynerFi allows smaller and community-based financial institutions to offer faster, more affordable digital transactions, such as sending money, paying bills, and buying or selling goods online. “RCBC’s collaboration with Higala through its SynerFi would further advance accessible and inclusive payment channels as pillars of sustainable finance, creating and opening doors of opportunities for millions of people nationwide,” said RCBC executive vice president and chief innovations and inclusion officer Lito Villanueva. RCBC and Higala said their collaboration addresses a critical gap in the current financial landscape as only 5% of over 360 rural banks participate in InstaPay, while all 2,400 credit cooperatives and 4,300 NGO-MFIs are excluded. —AOL, GMA Integrated News
Higala Synerfi Digital Transactions Rural Banks Micro-Financing Institutions
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Higala, RCBC launch SynerFi to help rural banks offer digital servicesHigala Group Inc., an inclusive instant payments platform operator, teamed up with Rizal Commercial Banking Corp. (RCBC) to launch SynerFi, an open
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