Financial digital app provides OFWs chance to triple savings
While there are many OFWs who are going back to their overseas assignment, there are still a lot of them who were affected by the coronavirus pandemic for losing their jobs.
With the commitment of the Rizal Commercial Banking Corporation (RCBC) to support the efforts of the Bangko Sentral ng Pilipinas (BSP) in promoting financial inclusion in the country by providing products and services that benefit overseas Filipino workers (OFWs) and their families.
RCBC’s financial super app DiskarTech today launched its partnership with the Blas Ople Policy Center called the Madiskarteng Bagong Bayani: #IponGalingGaling para sa mga OFWs at kanilang mga pamilya program.
To encourage more Filipinos to develop the habit of savings, DiskarTech introduced a new incentive of a “Triple Ipon” prize for its users alongside the return of its “Ipon Rewards” incentives of two percent rebates on qualified transactions and the popular “Doble Ipon” bonus.
DiskarTech users who will pay their bills, top up their mobile phone and other online credits, and purchase telemedicine or microinsurance products stand to earn “Ipon Rewards” of up to P50.00 per valid transaction. These two percent rebates are credited straight to their savings accounts.
Weekly raffle draws will also be held for five lucky winners of the “Doble Ipon” bonus. DiskarTech shall match the average daily balance of these users to promote the habit of saving among Filipinos.
The virtual event featured industry leaders, in banking, finance, and various OFW groups in more than 30 countries who shared the challenges of migrant workers in the new normal. Bringing in their expertise in their respective fields, the panel addressed the financial and livelihood concerns of OFWs in light of the record recession and unemployment caused by the COVID-19 pandemic.
“As the “Ipon Galing” aims to provide incentive to DiskarTech users, I am very confident that the campaign will not only help accelerate the adoption of digital banking among Filipinos, this would also help users start their financial journey, and maybe help competitiveness and efficiency of budding micro-entrepreneurs, necessary for a real economic recovery for our country,” said Labor Secretary Silvestre Bello III.
With the pandemic adversely affecting the global economies, OFWs feel the impact of the lockdowns and business shutdowns overseas. This is where inclusive banking can be of great help to OFWs and their families.
“Many OFW families, especially here in Calatagan, put up online businesses in order to help their families,” said Vivian Inmenzo, President of Calatagan OFW Organization. She added that a lot of them turned to selling ornamental plants during the pandemic.
“We promise to help OFWs now more than ever. We are fully supporting RCBC’s Bagong Madiskarteng Bayani effort,” said Overseas Workers Welfare Administration (OWWA) Administrator Hans Leo Cacdac. He expressed how DiskarTech’s features can help OFW families adjust to the digital banking banking shift during the pandemic.
Using their Philippine-issued roaming mobile numbers and their permanent address in the country, OFWs can now open a DiskarTech account in less than three minutes. Until end of 2021, they can enjoy free fund transfers from their DiskarTech accounts to more than 30 Philippine banks and e-wallets through InstaPay. Their savings of up to 50,000 pesos also earn 3.25% interest per year, above industry standard of below one percent. Filipinos in the Philippines can deposit to their DiskarTech accounts through over-the-counter transaction in more than 30,000 touchpoints including Bayad Center and 7 Eleven outlets nationwide or through InstaPay fund transfer from any of the 30 banks and mobile wallets.
This is aside from getting access to sachet microinsurance, telemedicine, eload, and bills payment, among others. To create a DiskarTech account, they just need to download it via Apple Store or Google Play Store with just their valid passport and a selfie. Very soon it will also offer digital loans and investments.
“DiskarTech is more than just an app. It’s like having your digital bank at your fingertips, thanks to RCBC. What you save will depend on how hard you work to earn. OFWs can also help their fellow OFWs. We know a lot of them who send money to their families via remittance services because they don’t have their own bank accounts. DiskarTech can help them with this,” explained Ms. Toots Ople, founder of the Blas F. Ople Policy Center and Training Institute.
Even families of OFWs can benefit from the program. They can also enjoy extra income via the DiskarTech app through pakisuyo services. These are transactions they can make on behalf of others such as e-loading, bills payment, ang purchase of gaming pins, among others. In turn, this livelihood opportunity can encourage more OFW families to participate in the digital economy. Sending money to another DiskarTech account can be thorough the interoperable QR PH code or through the mobile number of the receiver or beneficiary.
“RCBC’s Diskartech’s Ipon Galing provides an opportunity to our overseas Filipinos not only to save but to complete financial transactions conveniently,” said Bangko Sentral ng Pilipinas (BSP) Deputy Governor for Financial Supervision Sector Chuchi Fonacier.
“This initiative is consistent with the thrust of the Bangko Sentral to provide greater access to a broader set of financial products to the people,” she added.
The BSP’s Digital Payments Transformation Roadmap is geared towards an efficient, inclusive, and secure digital payments ecosystem in the country. This includes offering wider digital payments options and shifting to a cash-lite economy.
Ipon Galing Galing promo
In a similar campaign in January, DiskarTech users more than doubled their daily deposits. Deposits grew by 146%.
This time around, a “Triple Ipon” reward awaits one lucky user whose prize at the end of the promo period will be twice his or her average daily balance.
“We are not only teaching them how to maintain their financial accounts, we are also teaching them how to make their spending sustainable,” said RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva. “DiskarTech offers more than just financial help. The app also empowers OFWs to help themselves and make sound financial choices for their families,” RCBC President and CEO Eugene Acevedo said.
RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged in 2020 as the Philippines’ best digital bank by the Asiamoney and the Alpha Southeast Asia, among other global and regional recognitions. It is also the first local universal bank to have the most extensive reach with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech. Its digital products include RCBC mobile and online banking, handheld ATM Go mobile point-of-sale terminals, and DiskarTech, among others. DiskarTech was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.