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March 01, 2024

RCBC bags another international award

The prestigious IDC Financial Insights Asia Pacific has recognized Rizal Commercial Banking Corp. (RCBC) led by bankero Eugene Acevedo as Asia’s Best in Risk Management.

The IDC Financial Insights Asia Pacific awarded the Yuchengco-led bank for the initiative of Detecting Outliers Using Machine Learning & Visualization leveraging its internal Data Science capabilities in developing a self-service tool to proactively identify anomalies related to money laundering, online sexual exploitation of children (OSEC) and other unlawful transactions.

Marita Bueno, head of Data Science and Analytics Group at RCBC, said the listed bank is deeply honored by the recognition and remains committed to continue enhancing its capabilities to better serve and protect customers.

“The self-service tool using machine learning and visualization integrates multiple data sources on a single customer view, is just one of the many efforts by the RCBC’s Data Science and Analytics Group to strengthen capabilities in detecting unlawful transactions,” Bueno said.

For this year’s Financial Insights Innovation Awards (FIIA), IDC received more than 120 submissions from banks and insurers across the Asia Pacific region.

IDC Financial Insights works with financial institutions through accelerated banking, the creation of value through open, agile and secure infrastructures, creating dynamic customer experiences delivered to banking and payments customers worldwide.

The award ceremony for Financial Insights Innovation Awards was held during the annual Asian Financial Services Congress (AFSC) last March 23, 2022.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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