MOU with One of the Philippines’ Largest Universal Banks
EzyRemit has signed a Memorandum of Understanding (MoU) with Rizal Commercial Banking Corporation (RCBC), one of the largest universal banks in the Philippines. This agreement establishes a formal framework for cross-border remittance services targeting the Australia-Philippines corridor.
RCBC, a subsidiary of the Yuchengco Group of Companies, operates 469 branches, 1,468 ATMs, and over 5,800 ATM Go terminals across all 82 provinces of the Philippines (RCBC, Q1 2025). Furthermore, the bank holds a universal banking license from Bangko Sentral ng Pilipinas (BSP) and reported total assets of PHP 1.45 trillion as of December 2024.
Corridor Context
The Philippines received US$38.3 billion in OFW remittances in 2024 (BSP), ranking as the fourth-largest remittance-receiving country globally (World Bank). Moreover, with approximately 394,000 Filipino-born residents living in Australia (ABS, mid-2024), the Australia-Philippines corridor represents one of the most active remittance pathways in the region.
Specifically, this partnership enables EzyRemit to deliver direct-to-bank remittance capabilities through RCBC’s domestic infrastructure, complementing its existing specialised corridors to Vietnam, India, and other key markets.
Partnership Scope
The MOU covers three areas:
- Direct bank transfers: Remittance delivery through RCBC’s nationwide banking network
- Compliance alignment: Coordinated frameworks between AUSTRAC-registered and BSP-regulated entities
- Community reach: Expanded access for the Filipino-Australian diaspora
Additionally, this agreement reinforces EzyRemit’s strategy of forming direct institutional partnerships with regulated banks in key destination markets.
About RCBC
Rizal Commercial Banking Corporation (RCBC) is a Philippine universal bank founded in 1960 and listed on the Philippine Stock Exchange. Furthermore, it is a member of the Yuchengco Group of Companies, one of the oldest and largest conglomerates in the Philippines.
About EzyRemit
About EzyRemit: EzyRemit is a digital remittance company headquartered in Sydney, Australia. Furthermore, it offers smart, reliable, and low-cost international money transfers for individuals and businesses worldwide. The platform is AUSTRAC-registered and supports transfers to over 150 countries, with specialised corridors to Vietnam, India, the Philippines, and other key markets.
Explore more at www.ezyremit.com
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