BANK of China (BOC) Manila on Thursday announced it has launched a new currency conversion (forex) feature in its mobile and internet banking services that allows individual customers to convert their peso to renminbi, US dollar and euro in real time.
It is the Philippines’ first real-time renminbi currency converter in a mobile app, the bank said.
“The improvements to our online currency conversion capability reflect our focus as a bank as we continue to develop our digital capabilities to support our clients in the Philippines,” said Deng Jun, national director of the bank.
The bank said the move was in line with its ongoing digital transformation strategy to find new ways to engage with existing and potential customers in the Philippines. It also supports Bangko Sentral ng Pilipinas’ ‘Roadmap for the Transformation of Digital Payments 2020-2023’ which encourages the availability of more innovative and responsive digital financial products and services for customers, a statement by the bank.
Forex conversion has been available on its mobile and internet platforms since 2019, but this functionality was limited to conversions from one foreign currency to another foreign currency, such as the renminbi, the dollar, and the euro.
The bank extended this to include the Philippine Peso as well, with conversions being done in real time during trading hours.
The only requirement is that individual clients must have both source currency and target currency accounts with Bank of China Manila. For example, a customer who wants to convert peso to renminbi must 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 real-time online currency conversion system allows individual customers to transfer their peso to their other foreign currency accounts and vice versa.
“A lot of business is now done online and the demand for faster and more convenient services is increasing. This is why digitization has become an important part of our strategy. So that we can continue to serve our customers in the most efficient way possible, ”said Deng Jun.