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Finance

Philippine lender RCBC to set up digital bank after SMBC investment

Lender aims to 'radically' cut costs as fintech startups mount challenge

Rizal Commercial Banking Corp., the Philippines' sixth-biggest private lender, says it is going digital to "radically" cut costs.   © Reuters

MANILA -- Philippine lender Rizal Commercial Banking Corp. plans to set up a digital banking arm and ramp up tech investments after securing $93.9 million in fresh capital from Japan's Sumitomo Mitsui Banking Corp.

The move comes as traditional lenders like RCBC face rising competition from nimble, digital-savvy startups that are launching mobile-based financial services with the backing of Philippine regulators.

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