Manila, Philippines. November 2024 – In a move to empower rural communities and drive financial inclusion in the Philippines, Higala, the Philippines’ pioneer in inclusive instant payment systems, and Camalig Bank, a leading rural bank in the Bicol region, today announced a strategic partnership.
Through this collaboration, Camalig Bank will participate in the Higala Instant Payment System (IPS) pilot to provide its rural and MSME customers with access to real-time payment rail. By connecting to the Higala IPS, Camalig Bank's customers can now enjoy more convenient, secure, and affordable payment services, such as person-to-person (P2P) fund transfers, person-to-merchant (P2M) payments through QRPh, and other payment use cases that the network will introduce.
"We are excited to partner with Camalig Bank to expand access to digital financial services in the Philippines," said Vice Catudio, CEO of Higala. "By connecting to the Higala IPS, Camalig Bank can offer its customers a wider range of financial services, including real-time payments, at a lower cost."
MSMEs rely on rural banks like Camalig Bank to support their livelihoods. However, the high costs and complexities associated with digital financial services have limited their access to real-time payments and other innovative financial services.
“By partnering with Higala, Camalig Bank aims to empower rural communities and MSMEs by offering convenient and efficient financial services. This aligns with the bank's mission to redefine community banking to be more vibrant and inclusive,” said Miel Moraleda, CEO of Camalig Bank.
Higala's vision is to drive payment interoperability, participation, and efficiency in national-level real-time payment networks. To achieve this, Higala is actively working with various rural banks, thrift banks, commercial banks, and electronic money issuers (EMIs) to connect them to its payment rail.
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