RCBC executive pushes for AI and global collaboration at ECCP event

RIZAL Commercial Banking Corporation (RCBC) Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva highlighted the critical role of artificial intelligence (AI) in fighting fraud and expanding access to loans during an event hosted by the European Chamber of Commerce Philippines. (ECCP) on December 10, 2024. Vice Governor Chuchi of the Bangko Sentral ng Pilipinas (BSP) Fonacier also attended.

INCLUSIVE FINANCIAL SECTOR RCBC’s Lito Villanueva (left) joins fintech industry leaders and professionals at an executive meeting organized by ECCP and BSP. PHOTO FROM RCBC

Villanueva highlighted the rise of fraud and cybercrime and called for global cooperation to address cross-border threats. “As the digital economy grows, so does cybercrime and fraud. AI is essential to detect suspicious patterns early, protecting banks. The threats are global and require cross-border collaboration,” Villanueva said.

He added: “The financial sector needs to move beyond local and global silos. The challenges are intertwined with the Sustainable Development Goals, requiring partnerships between industries and regions for a cyber-secure future”.

The panel featured BSP DG Chuchi Fonacier, UBX President and CEO John Januszczak, Partner SGV & Co. Christian Lauron and Salmon Co-founder George Chesakov, moderated by ECCP’s Maria Concepcion Simundac-de los Santos.

The event aimed to support a safe and inclusive financial sector, enhancing investor confidence and economic stability.