DUBLIN, July 18, 2018 /PRNewswire/ -- eCurrency Mint Limited (eCurrency) announced today that its partner, Rizal Commercial Banking Corporation (RCBC) has launched its secure digital money product – the ePiso in the Philippines under the regulatory sandbox initiative recently introduced by the Bangko Sentral ng Pilipinas (BSP). The solution was discussed during a Workshop at the Second Meeting of the ITU Focus Group Digital Fiat Currency (ITU FGDFC) held at the Cornell Tech Campus in New York City, USA, July 18 – 20, 2018.
At the RCBC launch event, more than 20 merchants displayed and sold their goods at a cashless marketplace to consumers who transacted in the secure ePiso. In her opening remarks, Margarita B. Lopez, RCBC Head of Digital Banking, explained that ePiso addresses the need to deliver accessible and affordable digital financial services in the country. The initial launch has been followed by dozens of merchant recruitment and agent on-boarding events.
"I am very happy to see this launch successfully start to make digital financial services truly secure and affordable," said Joey Mendoza, General Manager, Philippines, eCurrency. "It is great to partner with RCBC to bring progressive and trusted financial services to the Philippines."
The ePiso utilizes eCurrency technology to enable secure and efficient digital transactions. ePiso can be transacted between multiple payments platforms and will be available to be held in all e-wallets.
The ePiso initiative has received a no objections approval from the BSP. It is "consistent with BSP's test-and-learn approach, aimed at promoting development and innovation at the same time assuring that risks are adequately managed," commented Melchor T. Plabasan, Deputy Director, Core IT Specialist Group, BSP, in an interview for the ITU FGDFC Workshop. "Lessons and insights from this RCBC pilot may serve as useful inputs as we conduct further research on how digital currencies can be feasibly explored in the future."
"We're thrilled that merchants are successfully using ePiso to transact with consumers," stated Jonathan Dharmapalan, CEO and founder, eCurrency. "This is an excellent demonstration of the eCurrency technology for the Philippine regulatory sandbox."
eCurrency Mint Limited (eCurrency) enables central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. eCurrency has pioneered the world's first end-to-end solution for digital fiat currency issuance and circulation. The company combines hardware, software and cryptographic security protocols to provide central banks the tools they need to preserve their charter and doctrine as the sole issuer of the national currency in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift to digital payments, including increased transaction efficiency, financial inclusion and economic growth.
The Rizal Commercial Banking Corporation (RCBC) is the financial flagship company of the Yuchengco Group of Companies (YGC). As one of the largest private universal banks in the country, RCBC is able to provide a wide scale of services through its thrift bank, investment bank, foreign exchange brokerage house, leasing company, and overseas remittance companies.
SOURCE eCurrency Mint Limited