Partnership Seeks to Deliver Inclusive, Accessible, and Efficient Payment Services to Underserved Filipino Communities

‍

Manila, Philippines. November 12, 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. 

‍

***

About Camalig Bank:

‍

Camalig Bank, Inc. (A Rural Bank), formerly the Rural Bank of Camalig (Albay), Inc., was established in 1969 to provide credit and financial services to the rural communities of Albay. 

‍

Over the years, Camalig Bank has expanded its product offerings to cater to the evolving needs of its customers, including salary loans, developmental loans, SME loans, real estate loans, microfinance loans, and DepED APDS loans. 

‍

With a strong commitment to customer satisfaction, Camalig Bank offers a diverse range of deposit products to help clients achieve their financial goals.

‍

Today, Camalig Bank boasts a network of eighteen branches and five branch-lite offices across the region. The bank remains dedicated to providing exceptional financial services, adhering to sound corporate governance principles, and contributing to the economic growth of its communities.

‍

About Higala:

‍

Higala, the Philippines’ pioneering Inclusive Instant Payments System (IIPS), connects banks, e-money issuers, and financial institutions through an open payments infrastructure, making transactions seamless, affordable, and accessible for everyone.

‍

Built around the modern Mojaloop technology, an open-source instant payment system supported by the Bill & Melinda Gates Foundation, Higala is designed to lower the on-ramp barrier for small banks and other financial institutions to participate in interoperable payment rails and reduce the cost of moving funds amongst financial institutions. Leveraging an open payments platform, Higala facilitates connections between financial institutions and new market players to enable innovative payment solutions for consumers and businesses. Higala supports the Bangko Sentral ng Pilipinas’ goal of advancing financial inclusion through digital payments.  

‍

Media Contact: Hart Janssen Ang

Email: hang@higala.ph

‍