Higala Group Inc., an instant payments platform operator, and Rizal Commercial Banking Corp. (RCBC) have partnered to launch SynerFi, a digital payments platform aimed at bridging financial gaps for rural banks and microfinance institutions (MFIs) in the Philippines.
This collaboration allows these smaller institutions to offer digital services, connecting their communities to InstaPay for more accessible financial transactions.
SynerFi addresses barriers rural banks face in joining digital platforms, including regulatory and technical challenges. By offering a streamlined way for these institutions to access InstaPay, SynerFi supports financial inclusion and brings more Filipinos into the digital banking ecosystem. Under the partnership, Higala provides the technology powering SynerFi, while RCBC manages regulatory compliance, clearing, and settlement.
“SynerFi brings digital services within reach for rural banks and MFIs that have traditionally been left out of the payments ecosystem,” said Vice Catudio, CEO of Higala. “Through SynerFi, we are reducing entry barriers and ensuring these institutions can thrive in InstaPay. Expanding financial access allows them to empower more Filipinos with the tools needed for economic participation and progress.”
With access to InstaPay, customers of participating rural banks can now send money, pay bills, and conduct other transactions digitally, eliminating the need for cash or travel.
“RCBC’s collaboration with Higala through SynerFi would further advance accessible and inclusive payment channels as pillars of sustainable finance, creating and opening doors of opportunities for millions of people nationwide,” said Lito Villanueva, EVP and chief innovations and inclusion officer at RCBC.
Supported by Chemonics International, a sustainable development firm, the initiative underscores a commitment to reducing barriers and broadening access to digital financial services, especially for unserved and underserved communities across the country.