CIMB to work with tech partners in the Philippines

PETALING JAYA: CIMB Bank Bhd has roped in technology partners in the Philippines ahead of the launching of its banking operation in the country in the fourth quarter of this year.

The move signals the bank’s strategy to focus on digital banking services in the new market.

Its unit, CIMB Bank Philippines Inc, yesterday inked partnership agreements with CIS Bayad Center Inc and FINTQnologies Corp, both affiliates of the Philippine Long Distance Telephone Company (PLDT) group of companies.

In a statement yesterday, CIMB group CEO Tengku Datuk Seri Zafrul Aziz said that CIMB was confident that its differentiated strategy based on digital and partnerships would bring a strong value proposition into the Philippines market.

“We are pleased that our relationship with PLDT has evolved into strong, strategic partnerships with its related companies.

“We are confident that by leveraging on these partners’ local strengths as well as CIMB’s extensive digital experience, we would be able to provide our customers in the Philippines with a seamless digital banking experience.

“CIMB is excited by the prospects that the Philippines market offers,” he said.

Bayad Center is a pioneer and leader in the outsourced payment collection industry in the Philippines with more than 12,000 payment channels nationwide.

CIMB will be able to scale up its reach to customers across the Philippines effectively by leveraging on Bayad Center’s extensive network and broad range of services.

Meanwhile, FINTQ is a local leader in providing digital financial solutions and interactions.

By partnering with FINTQ, CIMB will be able to leverage on the subscriber base and customer database of Lendr, which is one of FINTQ’s proprietary platforms.

PLDT and FINTQ chairman Manuel V. Pangilinan said the col- laboration with CIMB in the fast-growing fintech space was in line with the group’s mission to collaborate with partners and develop mutually beneficial propositions.

“This is just the start of a longterm fruitful partnership with one of Asean’s largest banks,” said Pangilinan.

Strategic focus: (from left) Lito Villanueva managing director, FINTQ, Orlando B. Vea president and CEO, FINTQ, Manuel V. Pangilinan chairman, PLDT and FINTQ, Samir Gupta CEO, group consumer banking, CIMB Group, Gurdip Singh Sidhu group chief strategy...