CIMB Bank Berhad , through its branch that is being set up in the Philippines, CIMB Bank Philippines Inc., recently entered into partnership agreements with CIS Bayad Center Inc. and FINTQnologies Corp, both affiliates of the Philippine Long Distance Telephone Company (PLDT) group of companies.
This marks a major milestone in CIMB’s expansion into the Philippines, in preparation for the establishment of its operations in the fourth quarter of 2018.
Bayad Center is a pioneer and leader in the outsourced payment collection industry in the Philippines with more than 12,000 payment channels nationwide.
Leveraging on their extensive network and broad range of services will help scale up CIMB’s reach to customers across the Philippines effectively.
Among the various aspects, the partnership with FINTQ will allow CIMB to leverage on the subscriber base and customer database of Lendr, one of FINTQ’s proprietary platforms.
Tengku Datuk Sri Zafrul Aziz, Group CEO of CIMB Group commented, “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 will be able to provide our customers in the Philippines with a seamless digital banking experience.
“CIMB is excited with the prospects that the Philippines market offers and we are also confident that our differentiated strategy based on digital and partnerships will bring a strong value proposition into the market.”
Chairman of PLDT and FINTQ, Manuel V Pangilinan also shared his excitement to collaborate with CIMB in this fast-growing FinTech space.
“This is in line with our mission to collaborate with partners and develop mutually beneficial propositions.
“This is just the start of a long-term fruitful partnership with one of ASEAN’s largest banks,” he said.