RCBC Rizal Commercial Banking Corporation  and e- Smart  Money Inc., teamed up with the project LockbyMobile Apps.


Lorenzo Tan , President and CEO of RCBC Rizal Commercial  Banking Corporation team up with  SMART " alive through its digital mobile application provider e-Smart  Money  Inc.

The President CEO, affirming the current risk that banks card holders are facing which was in the aforementioned risk confirmed and monitored by the IMF International Monetary Fund . "Wells Fargo cargo and logistic company acknowledge the rampant occurence of "cyber crime in the digital financial realm" and consider it now the number one risk in the corporate world. JP Morgan acknowledge that it affect almost 250 million USD for about a thousand transaction committed by the fraud electronic financial transactions" , this is according to Mr. Lorenzo Tan, president and CEO of RCBC bank.

The President / CEO further said; the Philippines is coming to an age where demographic banking markets belongs to the population of Gen Y , the " mellennials" for which the RCBC caters almost to 90 percent of this market segments , the needs to adopt a certain parameters of banking controls which adheres to these youth demographic is very necessary. Most of these youth  Gen Y generation have a market mobile penetration for about 98 percent in the Philippines. Everyone is using cellphones , so that it is in the RCBC strategic goal to come up with the mobile banking services secured enough by using "lock by mobile " e- Smart money apps developed home grown (local) by the e-Smart Money Inc.By these solutions , the banks is empowering its banks customer to have a direct control to their deposits . That is by enrolling on their options to the application to be made available to them , via mobile phone banking registration.

The President / CEO Lorenzo Tan being a partner vendor of the digital financial apps would be paying to e-Smart Money Inc., a more or less 5 USD per year per account upon reaching the required maximum volume of transaction or more or less 2 USD per year per account ( if in minimum), which translate to a less than .30 cents USD a day , banks customers is "guaranteed", with security for their accounts . This is wither their accounts is credit card or debit card. Since this is a Business to Business transactions between RCBC and e-Smart Money Inc., the manner of charging their own clients ( RCBC vs its Clients) would depends on their own company policy.That is by allowing their clients to charge their enrollment/registration availing this "lock by Mobile "  via its annual membership card, but enrollment or registration to the apps would be on the RCBC clients decisions /options ,nor it would not be a mandatory or compulsary.


The total target market card holder in the Philippines would be 50.6 milllion . Of which 8 million is about to be catered by the e-Smart Money Inc., and RCBC for its clients card holders.

Moreover , RCBC President and CEO  further said " 75 percent of the total workforce by 2025 " , would be called "the swipe generation", that would be 11 years from now. This generation composes of those who were born between 1980-2000, so this e-Smart Money digital apps for the digital financial control is very relevant and necessary. Because if the banks would not avail with these break through  cyber fraud is going up a lot of banker in jail ", personal testimony of the abled president and  CEO of RCBC.

"Even in Europe this is what happening today, doing banking via mobile , ordering food in a restaurant via i-pod or smart phone. The banking is going a virtual reality , for which there is a minimal customer relations  real interface ', added by the President.

Hence , the President / CEO is envisioning to have a Philippines a well connected virtual financial realm in the years to come. E-Peso Payments and Settlements will be good to the Philippines. There must be a comprehensive (single), well integrated flat form where ATMs users, providers , stocks consumers and policy makers /regulators, bonds investors,issuers /regulators would be connected to each other . This is what is happening in South Korea . They have already an integrated circuit of virtual / cyber financial space developed by the Samsung. The merging of Philippine Stock Exchange and Philippine dealing system is a new frontier , hoping for a more integrated online apps for a lesser cost , efficient delivery of services towards cyber financial players.

Today , the capital value of the Philippine Market systems (PSE) is just about of 1/6 of the total volume of Thailand , for these the Philippine Banking systems which comprises only of 4 percent of the total cyber financial payment systems , and yet the return of equity for each company or investors to which is quite dropping up to 6 to 12 percent , for these above all reasons that the Philippine Financial Policy makers, regulators, players, consumers  would work and hand in hand together with the mobile telcos not only to cater with the demands and anticipate with the huge Philippine sweet demographics markets called the generation Y  but to anticipate with the Asean integration 2015.

The modern mantra for today, in relation with the ASEAN integration is no longer ' Banks to Banks " transactions but rather " switch to switch" interconnectivity.

RCBC Banks which for which is runs by the Bancnet its softwares online programming linking its cyber financial realm together with Megalink is ushering a new era of banking systems . By partnering with e-Smart Money Inc., the financial project coordinator of SMART company headed by the BIG BOSSING MVP , CEO/ President  Manny V. Pangilinan together with RCBC Rizal Commercial Banking Corporation , President and CEO Lorenzo Tan , hope the Philippine Banking Systems will emerge a new.


Note: LockbyMobile was officially launched in Barcelona (Spain)  Mobile Congress (2009),it is only now that it is officially commercially launch due to the Philippine  market due to  penetration reason (2009), but today given with the market maturity ,saturation and still keeps growing for the rate of 20 percent per year ,  the risk post of cyber fraud  LockbyMobile is just fit to relaunch in the Philippines. It will be the official representative of the Philippines Financial Innovation Congress in  " Money 2020 , Las Vegas USA " today Nov. 3-7, 2014.


Henry Estipona
Philippines
www.on-lineexpress.blogspot.com