4 hours ago
2
Keisha Ta-Asan - The Philippine Star
March 16, 2025 | 12:00am
The partnership also aims to enhance cross-border remittances, making money transfers faster and more cost-effective.
Philstar.com / Irra Lising
MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has teamed up with fintech company Cashmallow to introduce a cardless cash withdrawal service in the Philippines for travelers from South Korea and other countries.
The partnership also aims to enhance cross-border remittances, making money transfers faster and more cost-effective.
Cashmallow is a fintech company offering innovative global travel money solutions, including cardless cash withdrawals and currency exchange services. Through its flagship products, MallowLink and the Cashmallow app, the company ensures efficient, low-cost money access for international travelers.
RCBC Transaction Banking Group head Martin Tirol said the partnership allows users of MallowLink’s partner institutions, such as Woori Bank Korea, to withdraw cash in the Philippines by simply placing the generated QR Code at RCBC ATMs.
“This cardless service reduces high international transaction fees and offers better exchange rates, providing a more convenient and cost-effective option for international travelers,” he said.
Beyond traveler convenience, the integration will also improve remittance services for overseas Filipino workers, allowing faster fund transfers to beneficiaries in the Philippines. The service ensures instant transactions, providing greater security, speed and cost savings.
Currently available for users in Korea, the QR withdrawal service will soon be expanded to Hong Kong, Japan and Taiwan, broadening its accessibility to a wider international market.
Under the partnership, Cashmallow users will be able to withdraw cash from 1,482 RCBC ATMs across major airports in the Philippines. These strategically placed ATMs offer travelers easy access to Philippine pesos without incurring additional withdrawal fees.
“This partnership reinforces our commitment to provide innovative banking services that enhance the travel experience for everyone, especially South Koreans,” Tirol said.
“By collaborating with Cashmallow, we are not only offering convenient and secure access to funds for international travelers but also removing the usual barriers and fees associated with foreign transactions,” he said.
