RCBC to set up digital bank after SMBC investment

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.

Read more: Nikkei Asia