RCBC and PalawanPay pass 1 million PalaSave accounts in RCBC's first banking-as-a-service deal

PalaSave, the savings feature inside the PalawanPay app powered by RCBC DiskarTech, has passed 1 million accounts, reaching its first-year target months ahead of schedule.

Verified PalawanPay users can open an RCBC Basic Deposit Account directly in the app, with no separate banking app, no initial deposit and no minimum balance. Balances up to PHP 50,000 earn up to 4% a year.

The partners launched PalaSave earlier this year targeting 1 million users and PHP 1 billion in deposits within 12 months. By March it had about 60,000 depositors and PHP 50 million in deposits; current deposit levels were not disclosed.

It is RCBC's first live banking-as-a-service arrangement. Lito Villanueva, RCBC's chief innovation and inclusion officer, said Filipinos take up digital savings when it is offered through platforms they already use.