MANILA – Malaysia’s second largest financial services provider CIMB Group will be offering digital financial offerings and solutions for customers in the Philippines and the region via a partnership with Smart Communications and its wholly owned digital unit, Voyager Innovations.
Details about the deal are scant but the partners would likely leverage on their key strengths. Claiming to have the most extensive retail branch network in ASEAN with more than 1,000 branches, CIMB is looking to strengthen its position in digital banking.
Smart and Voyager has built a reputation about fintech solutions and digital payments ecosystems that CIMB need. Both sister companies under PLDT, they were behind the successful introduction of brands like Lendr: Your Loans Marketplace, Mobile Loan Saver, LockByMobile, Smart Money MasterCard, and PayMaya Visa, among others. In addition, CIMB can have access to a potential market of 75.8 million subscribers with Smart as of September 2015, cornering 75% of the market.
Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, taht the roles of telecommunications providers and banks are increasingly converging.
“It is especially exciting that the partnership may, among others, be able to leverage on PLDT’s experience and insights in serving its sizeable customer base. Further, through this partnership, we are then able to offer innovative and differentiated digital banking and financial technology solutions in the Philippines and across ASEAN.”
Meanwhile, Manuel V. Pangilinan, Chairman of PLDT, Smart and Voyager commented, “CIMB is among the largest and most diversified ASEAN banks and its regional banking knowledge and presence across ASEAN will provide depth to this digital partnership.”
