June 25, 2025 l Business Mirror
The Bangko Sentral ng Pilipinas (BSP) has crafted the guidelines for the adoption of the digital financial marketplace model.
This will create an open and secure digital environment where financial products and services can be seamlessly offered by banks and third-party providers.
The BSP envisions this framework as a key pillar in strengthening the country’s financial ecosystem while promoting innovation, interoperability, and consumer protection through trusted application programming interface or API-led infrastructure.
A pioneer in this field is the Rizal Commercial Banking Corp. (RCBC), which signed a strategic partnership agreement with consulting firm Hungry Workhorse Consultancy Inc. last week to transform the delivery of financial services in the Philippines through a cutting-edge API-first approach.
This digital initiative is powered by California-based technology enabler APIwiz (Itorix Inc.), which provides a centralized management platform for API operations.
Starting in the third quarter of 2025, Filipinos may expect more efficient banking as RCBC goes API-first with the rollout of its “Digital 2.0 Marketplace,” a platform built on APIwiz’s centralized API management system. It empowers RCBC to rapidly design, govern, and deploy composable APIs, thus enabling real-time service integration and positioning the bank as a dynamic digital platform. The API Operations framework of APIwiz provides the tech backbone, streamlining the entire lifecycle with built-in governance, automation, and developer collaboration tools.
RCBC’s alliance with the two tech firms was cemented during the signing ceremony held at the Collaboration Hub of the A.T. Yuchengco Centre in BGC, Taguig City. As the innovation services partner of RCBC and also the local implementation arm of APIwiz, Hungry Workhorse plays a crucial role in ensuring seamless integration and rapid delivery of such next-generation digital banking insulations.
It will also provide design thinking, implementation support, and digital talent development to fast-track the transformation.
According to RCBC Executive Vice President and Chief Innovations and Inclusion Officer Angelito M. Villanueva, their collaboration with APIwiz and Hungry Workhorse is a strategic alignment with RCBC’s digital roadmap.
He said it “also unlocks exponential impact in scaling inclusive digital finance, fostering co-creation and collaboration with key fintcech players both locally and globally.” Villanueva is the founding chairman of the FinTech Alliance PH, the country’s largest consortium of digital finance organizations.
For his part, Hungry Workhorse President and CEO Reynaldo C. Lugtu Jr. looks forward to working closely with RCBC in bringing transformative digital solutions to Filipinos while contributing to the country’s tech ecosystem.
“We will drive meaningful impact through technology and human capital development,” Lugtu vowed. This move aligns with the BSP’s guidelines on the digital financial marketplace model.
With over P1.3 trillion in total resources as of mid-2024, RCBC has risen to become the fifth largest privately-owned bank in the country. Asia Money and Euromoney magazines both recognized RCBC as the Philippines’ Best Bank for Digital for five consecutive years from 2000 to 2004.
Meanwhile, FinTech Alliance members recently gathered at the Marquis Events Place in BGC to map the next chapter of the Philippines’s digital finance journey. In his chairman’s report, Villanueva recounted the group’s journey from five founding firms to a thriving network of over 130 corporate members.
“These organizations now power more than 95 percent of the nation’s retail digital financial transactions,” he revealed.
Department of Information and Communications Technology (DICT) Secretary Henry Rhoel R. Aguda delivered the keynote address, highlighting the government’s vision for a digitally inclusive and future-ready Philippines. Aguda led the ceremonial signing of the Digital Collaboration Wall to support the DICT’s “8M Digital Jobs by 2028” initiative.
Securities and Exchange Commission Chairman Emilio B. Aquino was bestowed the “BSP FinTech Leadership Award” for being a transformative leader and brilliant strategist who modernized regulatory practices through initiatives like “Check with SEC” and “Zero Online” registration.
***The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX. For comments, email nextgenmedia@gmail.com. Photo is from Pinterest.