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January 25, 2018

eCurrency and RCBC introduce digital cash in Philippines

eCurrency Mint (eCurrency) and Rizal Commercial Banking (RCBC) have partnered to launch digital money product in Philippines to offer affordable digital financial services in the country.

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Supporting the central bank of the Philippines’ regulatory sandbox initiative, the launch of RCBC Cash will enable the user to transact between existing payments platforms and hold it in all e-money wallets.

According to a recent survey by Bangko Sentral ng Pilipinas (BSP), nearly 86% of Filipino households do not have bank accounts.

RCBC expects that the introduction of digital money product will expedite financial inclusion process as well as give the common people a new avenue to save and transact using a digital payment instrument.

The new solution is based on eCurrency technology to secure online transactions.

Additionally, the degree of transparency necessary by the solution’s interoperability encourages greater governance and effective regulations.

RCBC president and CEO Gil Buenaventura said: “This launch demonstrates our commitment to bringing progressive and trusted financial services to the Philippines.

“eCurrency’s solution enables RCBC to launch resilient and innovative digital wallet services through RCBC’s own and partner channels.”

eCurrency founder and CEO Jonathan Dharmapalan said: “By adopting the eCurrency solution, RCBC is creating a highly-secured digital payment instrument and e-money ecosystem.

“Our mission is to offer a digital solution that preserves the secure and inclusive characteristics of physical fiat currency and provides enhanced protection for RCBC’s partners and customers.”

Both the parties will work with BSP to make the solution available from the second quarter of this year.

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
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