Site icon Lee Daily

Singapore Fintech Festival 2022 Highlight: RCBC-SMBC $460M Deal

Singapore Fintech Festival 2022

Singapore Fintech Festival 2022

This year’s Singapore Fintech Festival (SFF) had the biggest turnout yet, with a record 62,000 people from over 115 countries attending. This is the most people who have attended since the festival began in 2016, according to the group that runs it (Nov 14).

This year’s festival had more than 850 speakers and more than 570 exhibitor booths. A new ESG Fintech Zone showed how technology is helping the region move toward net-zero energy use.

On November 2, 2022, Deputy Prime Minister and Minister of Finance Lawrence Wong kicked off the event. During the festival, there were roundtables that were closed to the public.

Do check:

Nearly 1,200 leaders from government, business, and civil society came to these events to talk about things like cross-border payments, developing stablecoins, open finance, sustainable finance, digital banking, Web3, and digital assets. At the second Point Zero Forum, which will be held from June 26 to 28 in Zurich, Switzerland, in 2023, these talks will continue.

MAS said it is looking forward to “continued collaboration with the industry” to make SFF 2023, which will take place from November 13 to 17, 2023, an exciting and important event.

RCBC-SMBC $460M agreement tops Singapore Fintech Festival 2022.

This year was the first time that RCBC was an affiliate of the Sumitomo Mitsui Banking Corporation (SMBC), which is Japan’s second largest multinational banking and financial services institution. With an additional investment of US$460.8 million, the Japanese bank raised its stake in the 6th largest private universal bank by assets from 5% to 20%. (PHP27.13 billion).

Under the deal, SMBC will buy 382 million RCBC shares at PHP 71 each. This is more than three times the current share price and about 1.5 times the book value per share. The stake is also worth 61 percent more than what the company paid for its first 4.99% stake in June 2021.

With its massive digital transformation push, RCBC will be able to grow its core businesses in key customer segments like corporate, SMEs, consumer, and retail markets, including high-net-worth clients, the mass affluent, and the mass market.

RCBC reported a consolidated income of PHP 10.1 billion for the first nine months of 2022, which is a huge 88 percent increase from the same time last year and more than the PHP 7 billion profit made for the whole year of 2021.

At the Singapore FinTech Festival 2022, which took place at the Singapore Expo from November 2 to 4, 2022, RCBC celebrated the Philippines’ digital transformation and its innovative solutions. For the first time since 2019, the annual party was held in person again. During the three-day festival, RCBC showed more than 90,000 people from over 100 countries how the Philippines is becoming more and more digital.

RCBC used hologram-based visuals to promote its digital solutions to the public in Singapore. These included its all-in-one finance hub, RCBC Digital, its multilingual financial inclusion super-app, DiskarTech, the Philippines’ first neighborhood ATM and largest last-mile mobile network, RCBC ATM Go and its latest physical-digital solution, RCBC MoneyBela Barangay Banking.

These new solutions from RCBC are important and will change people’s lives as the Philippines quickly moves toward becoming a digital country where everyone has access to money.

“Innovation with empathy is using technology not to impress but to express our genuine understanding of the needs and situations of our customers, and delivering these demand-driven inclusive innovations at scale. The future is not tomorrow, it is now,” Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva said in his hologram message.

Visitors from all over the world were most excited to learn about RCBC’s MoneyBela Barangayan Banking, which is a one-of-a-kind banking solution that combines physical and digital experiences to bring banking to remote and rural areas. RCBC MoneyBela uses sustainable electric tricycles to reach faraway communities.

These tricycles are in line with the United Nations Sustainable Development Goals’ environment, social, and governance, or ESG, framework. It gives millions of unbanked and underserved Filipinos in remote and poor areas quick digital transaction accounts and basic financial education by banking experience support (BES) agents in grassroots communities.

RCBC is one of the banks that is growing the fastest and has won the most awards for its innovations. It is now the Philippines’ sixth-largest universal bank that is privately owned. In 2018, it was the eighth-largest bank in terms of assets. It did this in 2020 and has kept doing it up to the present day.

It even passed the P1-Trillion asset mark by the end of June 2022, despite the COVID-19 pandemic and other investments by competitors. RCBC’s digital and business transformations are still going on, which is increasing its value and reach. RCBC is now the Philippines bank that has won the most awards.

Asiamoney named it the Philippines’ Best Bank for Digital for three years in a row. It also won The Asian Banker’s Financial Technology Innovations Awards for Best Financial Inclusion App for two years in a row.

On our website, there are many articles and news stories about financial technology. You can only find more content like this about FinTech on Lee Daily, so follow us there.

Exit mobile version