RCBC partners with lending entities

By Mayvelin U. Caraballo, The Manila Times

Listed Rizal Commercial Banking Corp. (RCBC) said it will partner with lending entities to offer various loan products through its local finance app DiskarTech by next month.

“After the Holy Week, we will be formally offering to our millions of users 11 loan products,” Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer, announced during a virtual roundtable on Wednesday.

He said the Yuchengco-led lender will partner with at least 20 lending institutions to come up with a loan marketplace to allow Filipinos to have a wide variety of choices in terms where they can borrow and its corresponding interest rates.

The products include doctors loan, car loan, truck loan, second hand car loan, second-hand truck loan, PUV/taxi loan, multicab loan, multicab refinancing loan, motorcycle loan, tricycle loan, and housing loan.

Villanueva said the loan marketplace is just the first phase of the new DiskaTech app feature.

“Eventually, on the second phase, RCBC will also be the one featuring its own loan products,” he added.

Villanueva stressed the latest development the app is part of RCBC’s advocacy towards financial education and digital literacy.

“In fact, we are also having an engagement Credit Information Corp. on educating the public, especially the unbanked or underserved segment of the population on the relevance or importance of credit score; on how we can help we can create credit profiles so that they will be able to enjoy a much higher loanable amount at a much lower interest rate,” he added.

Launched in July last year, the DiskarTech app now has about 2.8 million registered users.

DiskarTech users can easily create their own basic deposit accounts through one-time registration via an electronic know-your-customer (eKYC) digital process.

Opening a DiskarTech digital savings account also does not require an initial amount or maintaining balance, and there are no charges for dormant accounts. It also offers an interest rate of 3.25 percent to encourage app users to save money.

RCBC shares closed flat at P17 each on Wednesday.

See full post here.