Big banks fail to meet lending quota

ONLY RURAL and cooperative banks met the required amount of credit extended to micro-, small- and medium-scale enterprises (MSMEs) during the first quarter, central bank data showed, despite an overall increase in total loans from a year ago.

Universal, commercial, and thrift banks failed to comply with the required level of lending to small firms set at 8% of their total loan portfolio, according to data from the Bangko Sentral ng Pilipinas (BSP), though they went above quota for credit to medium-sized entities.

Passed in 1991 and last amended eight years ago, Republic Act 6977 or the Magna Carta for Micro, Small and Medium Enterprises mandates banks to allot 10% of their total loanable funds to these small firms to help boost the sector. Broken down, banks must set aside 8% of their loan portfolio for micro and small-sized firms and 2% to medium-scale companies.

The law seeks to boost financial support to MSMEs and maximize their contribution to the local economy by addressing the problems of lack of capital and poor access to credit.

Philippine MSMEs account for 99% of local firms and 60% of employment but contribute only 36% of gross value added, according to the May 2016 Investment Policy Review of the Organization for Economic Cooperation and Development.

Loans extended by big banks to micro and small companies stood at P128.516 billion for the first three months, or just 3.02% of their P4.251-trillion total loanable amount.

This total’s share against banks’ entire loan book went down from 3.38% last year, although the figure rose from P125.056 billion.

Thrift banks also lent P41.808 billion to small firms as of March, just 6.55% of P638.612 billion in loanable funds. This share is also lower than the 7.03% ratio tallied during the comparable year-ago period, data showed.

In contrast, rural and cooperative lenders extended nearly three times the required amount to be lent small firms, reaching nearly a fourth of their loan portfolio. The banks handed out P21.874-billion credit to MSMEs, well above the P7.438 billion minimum.

These banks also allotted more than a tenth of their loan funds as credit to medium-scale firms, reaching P9.571 billion against the P1.859-billion floor. Rural and cooperative banks had a combined total loan portfolio of P92.969 billion, based on BSP data.

In terms of lending to medium-sized firms, big banks and thrift lenders handed out more than the 2% mandatory share of total loans. Universal and commercial banks extended P217.862 billion in loans to these entities or 5.12% of their loanable funds, while thrift lenders handed out P39.847 billion, or 6.24% of their portfolio.

Under the law, banks are penalized P500,000 a year if they do not set aside funds to be loaned out to MSMEs. If a bank falls short of the credit quota, the penalty will depend on how close they are to meeting the percentage requirement. Some lenders simply opt to pay fines for non-compliance rather than take the risk of loaning to the small firms.

Overall, the local banking system freed up P459.478 billion for MSME credit, which made up 9.22% of the P4.983 trillion in total loanable funds during the quarter. This amount is higher than the P427.047 billion in MSME loans granted last year, though slightly lower than the previous 9.85% share.

Total loans granted to MSMEs reached P495.779 billion in 2015, roughly 10.5% of total loanable funds amounting to P4.703 trillion. – Business World Online, July 19, 2016


P1-B MSME credit line pushed

TRADE Secretary Ramon Lopez plans to push for the establishment of a P1-billion regional credit access for micro, small and medium sized enterprises (MSMEs) to help address one of the biggest hurdles faced by local firms.

This was one of the poverty-alleviation measures proposed by President Duterte during his campaign earlier this year.

“I will have to ask the President about that. That will benefit the MSMEs and so hopefully, we can get that support from the President and reflect that immediately in the next budget,” Lopez said in an interview with the Inquirer.

According to Lopez, the additional amount would also help fund more shared services facilities (SSF), a flagship program of the Department of Trade and Industry that provides MSMEs with equipment or infrastructure that can be used by a number of beneficiaries such as cooperatives, institutions and communities.

A portion of the fund can also be used for the Negosyo Centers for productivity enhancement programs and for further training, seminars and mentoring activities.

“This [additional credit] only means that we will be able to do more. This is exciting for us because in teaching the nation how to fish, we will be able to feed the nation many lifetimes. This is the mantra that we are following. What we want is to empower our MSMEs,” Lopez explained.

During the campaign, the Duterte camp promised that MSMEs would be able to borrow capital from the government to expand their business. Currently, small businessmen have nobody to turn to but loan sharks while rich businessmen could get capital from their family, bank or by selling their properties. –


BSP: New system to shorten check clearing process to a day

The new system will ‘eliminate transport risks on the physical checks,’ said Tetangco. It will also address consumer protection issues that may come about from stolen or otherwise altered checks.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said on Tuesday, July 12, that it was going to use a new electronic system to shorten the time it took to clear checks – from 3 days down to one day.

BSP Governor Amando Tetangco Jr. and Philippine Clearing House Corp. (PCHC) president and CEO Emmanuel Barcena signed a memorandum of agreement for the operationalization of its Check Image Clearing System (CICS).

“Through CICS of the PCHC, all of our checks are targeted to be cleared in a fully electronic environment starting January 6,” Tetangco said. “For those of us who really are not specialists in this area, if there is one take away from this development, it has to be the fact that funds will now be made available by next day at the latest.”

The new system will ‘eliminate transport risks on the physical checks,” said Tetangco. It would also address consumer protection issues that may come about from stolen or otherwise altered checks.

The PCHC processes about 700,000 checks daily, totalling an average of P135 billion.

For a growing economy

Tetangco also said the adoption of check truncation technology, among other types of payments and settlement infrastructure, would be critical for dynamic, growing economies.

The BSP chief cited a 2014 study from the Better than Cash Alliance, which revealed only 1% of the monthly retail transactions are done electronically.

“This validates our heavy reliance on cash and checks in conducting our business. At a time when technology has become scalable, portable and affordable, this apparent reluctance to parlay the benefits of technology can only translate to further inefficiencies via foregone opportunities,” he said. –



Lendr-RBAP Fullpage

RBAP, Voyager Launch Mobile App

PROVINCIAL borrowers can now use a mobile-based app to apply for and track loans across banks as the country moves towards better financial inclusion.

The Rural Bankers Association of the Philippines (RBAP) forged a deal with Voyager Innovations, a unit of the telecommunications provider Philippine Long Distance Co. (PLDT), for the online application Lendr which will serve as an e-marketplace for bank loans, Voyager said in a statement sent over the weekend.

The app will be allow consumers to view loan options across rural and commercial banks, compare their rates, and track their approved and existing obligations. Debt approvals and reminders will be sent via text or e-mail.

“Lendr removes the inconvenience of having to download multiple mobile banking apps or even visiting various bank websites just to look for any consumer loan product– it is a one-­stop loan shop,” Lito M. Villanueva, Voyager vice president and head of Fintech, Digital Inclusion and Alliances, was quoted as saying.

Bangko Sentral ng Pilipinas Deputy Governor Nestor A. Espenilla, Jr. said the new loan application scheme would form part of the central bank’s planned National Retail Payments System.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. –Melissa Luz T. Lopez


Mobile Technology Answer to High Cost of Rural-Credit Deployment

by David Cagahastian – November 16, 2015

Finance Secretary Cesar V. Purisima said that to lower the costs of reaching out to micro-, small- and medium-sized enterprises (MSMEs), banks and other financial institutions should tap technological advances, like the increasing sophistication of mobile phones.
At the launching of the Financial Infrastructure Development Network (FIDN) under the framework of the Asia-Pacific Economic Development (Apec), Purisima said the high cost of operating in far-flung areas ranks high among the many problems banks face in the deployment of capital for MSMEs.

Other problems that hinder the giving of access to capital to MSMEs is the lack of a credit-information system that should lessen the lending risk for banks and the lack of a framework that will recognize as collateral the assets of MSMEs that are currently not acceptable, such as personal property.

“In lowering costs, the vision of mobile telephony should be realized such that it can become the wallet of the future. Mobile telephony could also be the access point of MSMEs,” Purisima said in his keynote speech.

The use of mobile telephony for banking services in the rural areas is already being done and expected to become more in use with the involvement of the Rural Bankers Association of the Philippines (RBAP) in the online marketplace platform for consumer loans established by Voyager Innovations, the digital innovations arm of PLDT and Smart.

Voyager Innovations introduced RBAP to its Lendr web site, the first online-marketplace platform for consumer loans, wherein loan applications may be sent by prospective clients through
applications on their mobile phone.

Through the involvement of RBAP, prospective clients of rural banks may be able to apply for consumer loans through their mobile phones, with options on which loan product to avail of from among the many loan products offered by the different banks at varying interest rates and repayment terms.

Lendr also provides clients with updated information on their loan-application status, loan repayments and
amortization schedule.

“PLDT and Smart strongly believe in enabling broader financial access to Filipinos. By bringing digital services to the countryside, we help our partners, like RBAP, extend their reach and enhance their efficiency,” PLDT and Smart Chairman Manuel V. Pangilinan said during his keynote speech at the launching.

According to a Bangko Sentral ng Pilipinas data for 2014, rural banks are growing in terms of size and reach, with industry
assets growing to P203.8 billion in 2014, while total loan portfolio to P128.3 billion. Total domestic deposits increased to P144.5 billion in 2014, from P135.6 billion in 2013.

But compared to the entire MSME industry in the Philippines, considered the backbone of the country, this modest growth of the rural banking system still appears wanting, and many MSMEs are still deprived of access to capital that can help them break through to big-time status.

Foreign Affairs Undersecretary Laura del Rosario said the lack of access to capital keeps these MSMEs where they are despite their ability to produce quality products that have a demand abroad.

This, because when faced with an opportunity to produce large volumes of their quality products, they cannot deliver because their operations are only big enough to deliver small quantities of such products.


Voyager Innovations Launches Lendr to Rural Bank Partners

by Chino Leyco
November 15, 2015

Voyager Innovations, the digital innovations arm of PLDT and Smart, introduced Lendr, the country’s first online marketplace platform for consumer loans, to members of the Rural Bankers Association of the Philippines (RBAP) during the group’s 58th Charter Anniversary Symposium held at the Mariott Hotel, Pasay City.

Lendr is a fully digital, multi-channel, telco and bank agnostic solution that financial institutions and credit providers can use to reach consumers planning to avail of loans. Through Lendr, consumers will be offered a convenient, transparent, fast and secure service through a marketplace that provides an all-in-one account and multiple loan options, delivered straight to the mobile device.

Any consumer can apply any time whenever they need money for emergencies, minor house repairs or school tuition via SMS, mobile app or online with any device or telco provider. Consumers are in full control as they can keep track of their loan application status, loan repayments and amortization schedule.

In the event attended by more than 500 rural bank presidents and CEOs from across the country, PLDT, Smart and Voyager Innovations Chairman Manuel V. Pangilinan led the launching of the service and the signing of the partnership agreement with RBAP together with Voyager Innovations President and CEO Orlando B. Vea, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Nestor Espenilla, Jr. and RBAP President Enrique Abellana

BSP Advises the Public on the Banks’ Schedule of Operations During the 4-Day APEC Holidays

The Bangko Sentral ng Pilipinas (BSP) advises the public on the schedule of operations of banks during the four (4)-day Asia Pacific Economic Cooperation (APEC) summit. This is in light of Proclamation No. 1072 declaring 18 and 19 November 2015 as Special (Non-Working) Days in the National Capital Region (NCR); and Memorandum Circular No. 84 suspending work in government offices including Government-Owned or Controlled Corporations on 17 and 20 November 2015 in NCR.

The Advisory informs the public that banks in NCR will operate on a “business as usual” mode on 17 nd 20 November 2015, except for foreign exchange/swap transactions. Only selected bank branches in NCR may be open on 18 and 19 November. As such, the public is advised to check with their respective banks as to what branches will be open during these days.

For bank branches located in Areas Outside Metro Manila (AOMM), they will operate on a “business as usual” mode from 17 to 20 November, except for check processing on 18 and 19 November.

For clearing and settlement of checks, the Philippine Clearing House Corp. (PCHC), will operate on 17 and 20 November to accept and process checks sent for clearing by banks. In this regard, the public is reminded that check deposits received by banks, whether located within or outside NCR on 17 November (if received within cut-off) are considered deposits by 17 November. While check deposits received by banks located in AOMM and some open branches in NCR on 18 and 19 November will be considered deposits received on 20 November.

Finally, the public is assured that all banks have been reminded to ensure availability of cash in their Automated Teller Machines (ATMs) during the period 17 to 20 November.

Download advisory: news-11062015c1

Industry News: BSP Liberalizes Regulations on Dividend Declaration of Banks and Quasi-Banks


The Monetary Board (MB) recently approved the liberalization of regulations on dividend declaration of banks and quasi-banks (QBs) on shares of stock and similar capital instruments.

The policy amendment aligns the dividend declaration standards with international standards on the rights of shareholders in particular; holds more accountable the board of directors and management of the bank and QB on the declaration of dividends; and makes more transparent to the public the dividend declaration in view of the required disclosures.

The policy will bring publicly listed banks/QBs in a position to comply with the 30 calendar day’s timeline prescribed under the ASEAN Corporate Governance Scorecard (ACGS) for the payment of dividends to shareholders of record.

Further, the policy also requires that the dividend declaration be immediately recognized as a liability in accordance with Philippine Accounting Standards and that it be disclosed in the statement of equity changes and in the notes to the financial statements.

Dividend declaration is ultimately the responsibility of the bank/QB and its board of directors. Banks and QBs that meet the pre-qualification criteria including capital adequacy requirements shall be qualified to declare and pay dividends without prior Bangko Sentral verification.

Any bank or QB that misrepresents or does not comply with the amended regulations on dividend declaration shall be reverted back to the “prior Bangko Sentral verification” requirement. It may also be subject to other enforcement actions provided by law/regulations including possible declaration of unsafe or unsound banking practice.


BSP tightens guidelines on deposits, securities investments

BSP tightens guidelines on deposits, securities investments

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has imposed stricter guidelines on the funds received from customers for securities investments and deposits to boost efforts in protecting the welfare of financial consumers.

The BSP has directed banks to segregate the funds of customers received under a securities brokering arrangement from deposit taking activities.

As such, a new account in the books of banks called “broker customer account” would have to be introduced by the banks.

The “broker customer account” makes clear that funds recorded under this item are not to be classified as “deposits.”

“They are transactional in nature because there is an instruction to use them to purchase securities,” the BSP said in a statement.

In this context, the “broker customer account” would not be subject to bank reserve requirements and would not be covered by the Philippine Deposit Insurance Corp. (PDIC).

Under the prior practice, banks would book as deposits the money they receive from clients who wish to purchase securities. The bank is acting as a securities broker for the client under this transaction.

Securities brokering is performed when a bank specifically licensed as a broker facilitates the buying and selling of financial securities between a buyer and a seller.

In this capacity, the bank is acting as an agent of the customer rather than a receiver of funds for the purpose of deposit taking.

Starting October, broker banks are required to submit a monthly report of their weekly balances of securities and cash that they received from their customers.

“The guidelines are consistent with the thrust of the BSP to align the reporting system with international standards and to protect the welfare of financial consumers,” the central bank said.

As a step toward the segregation of banking activities from other business activities, the current Financial Reporting Package of the BSP was also amended to make room for the reporting of the extent of securities brokering transactions of its supervised financial institutions.

The BSP raised the reserve requirement for universal and commercial banks to 20 percent in May last year to mop up excess liquidity in the system, tempering domestic demand and easing price pressures.

BSP has kept key policy rates unchanged since September last year. The overnight borrowing rate is pegged at four percent while the overnight lending rate is at six percent.


BSP gov to rural banks: Reach out to more ‘unserved’ towns, cities

Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. urged the country’s 514 rural banks on Monday to help the BSP make more gains in financial inclusion by reducing the number of local government units “unserved by any bank.”

Tetangco said 37 percent of all the local government units nationwide are unserved until now, but the isolation of some of them from the financial system has been eased by expanding the reach of the rural banks (RBs) based in the 17 regions “by licensing other financial service providers (FSPs) such as e-money agents.

“With the operation of FSPs, the percentage of LGUs that remains without any form of financial access point falls from 37 percent to 13 percent,” the BSP governor said in his keynote address before the 62nd annual national convention and general membership meeting of the Rural Bankers Association of the Philippines, which opened on Monday and ends Tuesday at the EDSA Shangri-La Manila hotel in Mandaluyong City.

Tetangco cited recent findings of the World Bank, which found that the Philippines has been making financial inclusion gains as “the percentage of Filipino adults with formal accounts increased to 31.3% from the 26.6% baseline figure in 2011.”

“These accounts refer to those held in banks, cooperatives or microfinance institutions or as mobile money,” he said.

Tetangco further said that 17.8 percent of the poorest 40 percent of Filipino adults “now have a formal financial account.”

“These are not small improvements especially when you consider that 37 percent of our LGUs (604 out of 1,634) are still unserved by any bank,” Tetangco also said.

The BSP also urged rural banks “to be the stimulus” for countryside communities while they figure out how to right size and streamline their operations and use technologies suited to meeting their goals.

He invited the RBs to join the BSP in pushing forward the “National Strategy for Financial Inclusion” to be launched in July. — ELR, GMA News

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Loans to housing sector eyed as agri-agra compliance

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is open to making loans for housing as an alternative mode of compliance for banks to the Agri-Agra Credit Reform Act in order to address the country’s housing backlog.

Speaking at the Chamber of Real Estate and Builders’ Associations, Inc.’s (CREBA) Third Monthly Business Meeting, BSP Deputy Governor Diwa Guinigundo said reviewing the Implementing Rules and Regulations (IRR) of Republic Act (RA) 10000 or the Agri-Agra Credit Reform Act to include lending for housing as another mode of compliance is among the ways to address the country’s huge housing backlog.

This, as Guinigundo noted that banks rely on substitutionary compliance provided by RA 10000 given the slight difference in the value of banks’ loans for direct compliance and indirect compliance to the law.

RA 10000 mandates banks to set aside 25 percent of their loanable funds to the agriculture and fisheries sector, of which 10 percent has to be provided to agrarian reform beneficiaries.

The law provides the following alternative modes of compliance for banks: investment in bonds issued by the Development Bank of the Philippines and the Land Bank of the Philippines declared eligible by the Department of Agriculture (DA); subscription to shares of stock of accredited financial institutions such as the Quedan and Rural Credit Guarantee Corp. or the Philippine Crop Insurance Corp.; investment in special deposit accounts of rural financial institutions accredited by the BSP; wholesale lending to accredited rural financial institutions; rediscounting of agriculture and agrarian reform credits; loans for construction of farm-to-market roads and post-harvest facilities; and loans to warehouses or millers or wholesalers accredited by the National Food Authority.

Citing BSP data, Guinigundo said the value of loans extended by banks as direct compliance to RA 10000 reached P178.503 billion as of end-September 2014, while funds for alternative compliance amounted to P158.161 billion in the same period.

At present, he said, implementing agencies of RA 10000, namely the BSP, DA and Department of Agrarian Reform are undertaking a legal review of whether the use of the quota for housing and the education sector could be included in the IRR as an alternative compliance for banks.

“Because the compliance is small, perhaps because the demand is not big, there is scope for allocating these funds to the housing sector,” he said.

The BSP official said that in reviewing the IRR, and in looking at extending loans to the housing sector as an alternative compliance to the law, there are certain considerations.

“The inclusion of the housing sector as alternative compliance should not water down the original intent of the bill to make credit available for the agri-agra sector,” he said.

He said the impact of the revision to business operations of banks should also be looked into.

Aside from reviewing the IRR of the Agri-Agra Credit Reform Act, Guinigundo said other ways to address the housing backlog could include improving access to finance through the bond market for builders and developers, strengthening the government’s secondary mortgage institution, and are tapping other funding resources through the Real Estate Investment Trust Law as well as issuance of overseas Filipino workers’ bonds.

The CREBA had earlier proposed a package of reforms to address the housing backlog estimated at 5.5 million.


PHL banks, BSP, LRA assure housing lenders and borrowers are protected

Housing credit continues to rise, prompting the Philippine banking industry and the Land Registration Authority (LRA) to create a system streamlining loans and mortgages documentation to protect both borrowers and financial institutions.

The final version of the uniform loan and mortgage agreement (ULAMA) is coming up this week, Chamber of Thrift Banks (CTB) president Rommel Latinazo told reporters in a briefing in Makati City.

The agreement was developed in collaboration with banking groups, including the Bankers’ Association of the Philippines, CTB, and Rural Bankers Association of the Philippines, together with Bangko Sentral ng Pilipinas (BSP) and the LRA.

“The purpose… is we want to streamline the documentation, taking into account the interests of all the parties concerned in real estate mortgage transactions – the financial institution, the borrower, and the government,” Latinazo said.

“We want to make sure that the documents we develop are acceptable to the agencies involved,” he added.

Eliminate controversies

Latest BSP data show consumer loans rose 20.94 percent P849.6 billion as of end-September 2014, from P702.6 billion a year earlier, mainly driven by an increase in residential real estate lending.

In October, the BSP announced more relaxed rules on bank lending, noting that the ability of the borrower to pay, and not collateral, should be the basis for loan approvals.

The central bank also intends to cap the value of real estate mortgage as collateral at 60 percent for securing loans.

While there are no foreseen risks in bank lending, BSP Deputy Governor Diwa Guinigundo had said the central bank sees the need for circumspect in monitoring personal credit amid brisk activity in a growing economy.

Latinazo said real estate loan transactions, especially pertaining to housing, are indeed increasing and the ULAMA aims to protect borrowers and also the financial institutions.

“Having a uniform agreement should eliminate most, if not all, controversies or legal questions arising from home mortgage transactions,” he said. – VS, GMA News

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New system to help verify land titles

THE LAND Registration Authority (LRA) is set to implement a “trace-back” feature for its automated land titling system, allowing users to identify computerized records that were issued prior to the current title and verify property records’ authenticity.

LRA Circular No. 04-2015, dated March 3 and published in a major newspaper on Wednesday, said the features of the Title Trace-back Service (TTS) may be availed of at the Registry of Deeds that has jurisdiction over the subject property or title, as well as LRA kiosks and extension offices.

Listed by the agency as among the upcoming features of the Land Titling Computerization Project (LTCP) for 2015, TTS enables the public to “trace the history of his title, which is a good tool to verify the legitimacy of a property’s title,” according to an advisory posted on its Web site.

The service allows the identification of all titles previously issued by the Registries of Deeds relative to the currently valid title, read the circular signed by Administrator Eulalio C. Diaz III.

Clients may specify the number of generations required or even trace back to the Original Certificate of Title (OCT), it said.

However, the circular said “the trace-back shall be based only on the existing title information in the computerized database.”

In such cases, the output would indicate that further trace-back cannot be completed, along with possible reasons why the titles were not in the database.

Instead, clients could consult with the records officer of the Registry of Deeds or request for Certified True Copies of existing titles.

To avail of the service, clients would need to accomplish a form indicating the request for trace-back for a number of generations or up to the OCT.

An entry clerk would process the request and give an assessment form to the client to present to the cashier.

Once paid for, the records officer would generate the output on a specified LRA form at the releasing counter.

Applicable service fees would be charged for verification, query or research, network transmission, and operation and maintenance, based on existing published rates.

The circular takes effect 15 days after its publication in major newspapers and the filing of three copies with the University of the Philippines Law Center.

Additional services for 2015 include a Lot Location Service, which generates maps to verify the configuration and location of the titles, and a Title Transaction Alert, which alerts titleholders through text messaging whenever their titles are accessed at the Registry of Deeds. — Vince Alvic Alexis F. Nonato


PH rural bank taps Oracle’s FlexCube

PH rural bank taps Oracle’s FlexCube
Posted at 01/05/2015 1:19 PM

MANILA, Philippines – A rural bank in northern Luzon has chosen Oracle’s FlexCube Universal Banking solution to modernize its operations.

Rang-ay Bank, one of the leading rural banks established in 1956 in the Philippines, has selected Oracle FlexCube Universal Banking to help consolidate its operations and transform how it delivers services to its customers.

Rang-ay Bank will have a single, centralized system for its critical banking operations and the capability to consolidate and automate multiple business functions.

Oracle FlexCube will replace the bank’s legacy system and deliver a single operating platform to connect, view, and manage multiple businesses and customer transactions from the growing number of Rang-ay Bank’s branches across Luzon.

After it has migrated to FlexCube, Rang-ay Bank can have the capability to join the ATM consortium in the country.

“Rang-ay Bank has provided modern banking services to the countryside since 1956 and is committed to being an effective partner of the government in the development of local communities, thereby enhancing greater financial inclusion. We have to step up and deliver services that meet the changing expectations of our clients. We are renewing our systems for core banking,” said Ives Nisce, President and CEO, Rang-ay Bank.

“We are confident Oracle Business Process Services delivered by our partner can provide a very robust, secure processing environment for Bank. This also enables the bank move to an opex model to deliver higher operational efficiency and leverage resources outside the bank,” said Venkatesh Srinivasan, vice president, sales, Asia Pacific, Oracle Financial Services.