Bank of China upgrades digital channels

MANILA, Philippines — Bank of China (BOC) continues to upgrade and modernize its online facilities to support the efforts of the Bangko Sentral ng Pilipinas (BSP) to convert half of the country’s total retail transactions to digital channels.

Deng Jun, country head of Bank of China Manila, said the bank launched the Philippines’ first real-time Chinese yuan (RMB) foreign exchange conversion feature in a mobile app.

The new feature in its mobile and internet banking facilities allows individual clients to convert Philippine peso to RMB, dollar, and euro real-time.

“The improvements to our online foreign exchange conversion capacity is a reflection of our direction as a bank as we continue to grow our digital capabilities in support of our customers in the Philippines,” Deng said.

Deng said foreign exchange conversion has been available on Bank of China Mobile and Net since 2019 but was limited to conversions from one foreign currency to another foreign currency, namely, RMB, dollar and euro.

Now, the bank has expanded that to include the peso as well, with conversions being done in real-time during transaction hours.

The only requirement is that individual clients must have both originating currency and target currency accounts with Bank of China Manila. For example, a client who wants to convert peso to RMB should have both a peso account and an RMB account.

While the bank operates through a single branch in Bonifacio Global City, the new online real-time foreign exchange conversion system makes it even more convenient for individual clients to transfer their peso to their other foreign currency accounts and vice versa.

“A lot of business is now being done online, and the demand for faster and more convenient services is growing. That’s why digitalization has become an important part of our strategy. So that we can continue to serve our clients in the most efficient manner possible,” Deng said.

This is in line with the Bank of China’s ongoing digital transformation strategy to find new ways to engage with both existing and potential customers in the Philippines.

Under its Digital Payments Transformation Roadmap, the BSP has committed to convert 50 percent of total retail transactions to electronic channels and increase the number of Filipino adults with bank accounts to 70 percent by 2023.

Since establishing its presence in the country in 2002, Bank of China continues to pursue its mission of bridging Chinese and Philippine trade and investments through corporate banking, personal banking, and financial markets services, facilitating more Chinese investments in key sectors.