Press Release

Dubai, Apr 20: UAE Exchange and RCBC (Rizal Commercial Banking Corp), entered into an agreement to offer FLASHRemit services to customers. Customers with an account in RCBC can send money real time to their loved ones. Asia United Bank, Metro Bank and BDO Unibank are the other three banks, which have partnered UAE Exchange for FLASHremit.

UAE Exchange, the leading global money transfer, foreign exchange and payment solutions brand, has tied up with Rizal Commercial Banking Corporation (RCBC), to offer FLASHRemit services. Now Filipinos, living outside their homeland and who have an account in RCBC, can send money real time to their loved ones’ bank account. Both the sender and beneficiary receive an SMS notification the moment the account is credited. Many customers benefit from this real-time remittance service, which include other countries like Bangladesh, India, Indonesia, Malaysia, Nepal, Pakistan and Sri Lanka. In Philippines, other than RCBC, Asia United Bank, Metro Bank and BDO Unibank are the other three banks, which have partnered with UAE Exchange for FLASHremit.

Promoth Manghat, vice president – Global Operations, UAE Exchange, said, “The Filipinos form one of the largest expat communities living abroad, and we would like to make their stay outside home as comfortable as possible. UAE Exchange has always aimed at making money transfer a seamless experience and has entered into an alliance with RCBC in this regard. This new tie up will only further strengthen the relationship with our banking partner.”

Edgar Anthony B Villanueva, executive vice president and head, Global Transaction Banking Group, RCBC said, “UAE Exchange has been RCBC's remittance partner for nearly two decades now. We've been working together in serving the needs of overseas Filipino workers in the Middle East, to assure them of a fast and reliable way to send their hard-earned money to their loved ones in the Philippines. The launch of FLASHremit signifies our mutual commitment to continually improve our service to the OFWs – the modern day heroes of our country. May this endeavour strengthen further our partnership and fortify our stronghold in the remittance market in the Middle East."

FLASHRemit is the instant account credit facility brought by UAE Exchange. It is a product of its kind, which remits cash in bank account real time. The transfer is possible in two currencies namely IDR and USD. FLASHRemit is also available in Bangladesh, India, Indonesia, Malaysia, Nepal, Pakistan, and Sri Lanka. Known for its ardent customer service and trustworthiness, UAE Exchange serves over 7.9 million customers and their dear ones, worldwide. Currently it has over 725 branches in 32 countries, and is the world’s largest networked remittance brand. Its strong correspondent banking relationship, with close to 150 global banks, adds to the might.

More than 9000 professionals from over 40 nationalities, as part of team UAE Exchange, strive to achieve excellence and bring delight to customers, worldwide. This penchant for quality has won the ISO certified brand many global awards for quality and business excellence, and earned the trust of customers, partners and regulators alike.

Rizal Commercial Banking Corporation, a member of the Yuchengco Group of Companies (YGC), is one of the top private universal banks in the Philippines. Along with its thrift banking subsidiary RCBC Savings Bank, RCBC continues to boost its network of over 434 branches nationwide and 1,150 ATMs strategically located across the Philippines. With 50 years of extensive banking experience in the financial services sector, RCBC offers a diversified range of banking and other financial products and services including commercial and retail banking, asset management, treasury, investment banking, and overseas remittance.

The function was attended by senior officials of UAE Exchange, Rizal Commercial Banking Corporation, special invitees and the media.

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