BANK of China (BOC) Manila on Thursday announced it launched a new foreign-exchange (forex) conversion feature in its mobile and Internet banking facilities that allows for individual clients to convert their peso to renminbi, US dollar and euro in real time.
This is the Philippines’s first real-time renminbi foreign exchange conversion feature in a mobile app, the bank said.
“The improvements to our online forex 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 Jun, country head of the bank said.
The bank said the move is in line with its ongoing digital transformation strategy to find new ways to engage with both existing and potential customers in the Philippines. This is also in support of the “Digital Payments Transformation Roadmap 2020-2023” of the Bangko Sentral ng Pilipinas that encourages the availability of more innovative and responsive digital financial products and services for clients, a statement from the bank read.
Forex conversion has been available on its mobile and net platforms since 2019, but this feature was limited to conversions from one foreign currency to another foreign currency, such as renminbi, dollar and euro.
The bank has expanded that to include the Philippine 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 renminbi should have both a peso account and a renminbi account with Bank of China Manila.
While the bank operates through a single branch in Bonifacio Global City, the new online real-time forex conversion system makes it 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 Jun said.