SynerFi launch to boost digital inclusion via rural banks

Eight rural banks will soon pioneer SynerFi, an open payments platform operated by tech firm higala.ph, with 12 more expected to join later this year—advancing the government’s goal of expanding digital financial services to underserved communities.

The early adopters of SynerFi include Rural Bank of San Antonio, Inc. (Southern Luzon); Rural Bank of Lipa City (Batangas), Inc.; Progressive Rural Bank, Inc. (Laguna and Batangas); Banco Abucay, Inc. (Bataan); Rural Bank of Hermosa (Bataan), Inc.; Money Mall Rural Bank, Inc. (Compostela Valley); First Philippine Partners Bank, Inc. (Cebu); and Lagawe Highlands Rural Bank, Inc. (Ifugao).

Winston Damarillo, president and CEO of higala.ph, said during a Wednesday briefing that equipping rural banks with open payments capabilities is key to reaching more Filipinos, especially in remote areas.

“This marks the beginning of empowering the underserved banking sector by enabling them to offer digital banking services that are otherwise available only to mainstream and traditional banks,” he said.

“It will bring a bit more democratization of the access to economic services,” he added, pointing to lower fees and lending rates as additional benefits.

The initiative is supported by Rizal Commercial Banking Corporation (RCBC), which is recognized as a digital challenger bank.

RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva emphasized that while the Bangko Sentral ng Pilipinas (BSP) has been advocating digitalization, only 5 percent of the country’s 358 rural banks currently participate in InstaPay, a real-time electronic fund transfer platform under the BSP’s National Retail Payment System.

InstaPay allows transfers of up to P50,000 per transaction.

Villanueva noted that each rural bank branch typically serves between 2,000 to 10,000 clients—making digital access through SynerFi a game-changer for many Filipinos in far-flung areas.

“The bottom line is having to level the playing field, democratize access to digital payments, and making sure every Filipino, every Juan or Juana Dela Cruz in our geographically isolated areas will be able to enjoy and benefit the advantages of going digital,” he added.