Filipino, Spanish joint venture sees huge potential in local tech sector

FINANCIAL technology (fintech) company DFNN and Spain’s CIC Consulting Informático (CIC) recently formalized a strategic joint venture agreement aimed to create endless opportunities in the technology sector. The two companies expressed optimism as they expect a huge demand for innovative technology solutions in the Philippines. “Through our shared vision, I eagerly anticipate the profound impact this collaboration will have on the future of technology in the Philippines,” said DFNN president and CEO Ricardo Banaag.

“This transformative journey promises to push boundaries, redefine standards, and ultimately elevate the nation’s technical prowess to greater heights,” added Banaag.

With this shared vision, he said the DFNN Group and CIC are committed to delivering innovative solutions that empower businesses, enhance customer experiences, and shape the future of technology in the Philippines.

Banaag said the collaboration will enable the joint venture to enter new markets, capture market share, and deliver innovative products and services that meet the evolving requirements of businesses and investors. The DFNN Group’s nationwide reach brings to this partnership its extensive experience and deep understanding of the local market.

With the country currently giving a strong push on entrepreneurship and driving innovation, DFNN will provide complementary software solutions, customer support, strategic guidance and regulatory expertise critical to navigating the Philippine market.

Meanwhile, CIC offers a wide array of technological expertise and a comprehensive suite of software solutions. It has turnkey projects involving cybersecurity, software development and IT integration and ICT infrastructures across the power, manufacturing, telecom, railways, and oil and gas sector. While businesses are increasingly susceptible to Ai-driven cybersecurity threats, including sophisticated phishing attacks, deepfake manipulations, and Ai-powered malware, CIC’S cybersecurity tool integrates advanced AI algorithms to detect and counter these emerging threats effectively, enabling businesses to stay ahead of the curve and mitigate potential risks effectively.

CIC’S suite of products include Sgrwin, a Network Management System (NMS) solution used to manage complex multi-technology ecosystems in energy and telecommunications..

“This joint venture will provide CIC an international reference setup in the Philippines, a growing market with high business potential for our core business. It is our mission to offer CIC’S experience in utilities solutions to the private and public sectors in the country,” said CIC CEO Ramón López. The joint venture will target key sectors such as cybersecurity, value added services (VAS), customer support, e-banking, biometrics technologies, Internet of Things (IOT), and blockchain, leveraging DFNN’S market insights and CIC’S technological capabilities to capitalize on emerging opportunities.