Kuala Lumpur: CIMB Group Sdn Bhd, a wholly owned subsidiary of CIMB Group Holdings Berhad (CIMB), entered into a strategic collaboration agreement yesterday with leading Philippines’ telecommunications company, Philippine Long Distance Telephone Company’s (PLDT) wireless services provider, Smart Communications Inc. (Smart) and its wholly owned digital unit, Voyager Innovations, Inc. (Voyager) to offer digital financial offerings and solutions for customers in the Philippines and across ASEAN.
Commenting on the signing of the partnership agreement, Tengku Dato’ Sri Zafrul Aziz, Group Chief Executive, CIMB Group said, “This partnership comes at an opportune time when 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.”
The collaboration is premised on the unique capabilities and positions of the partners. CIMB, which has been at the forefront of banking innovation, has deep regional banking know-how and an extensive understanding of the needs of customers in the region, whilst the market-leading and innovative fintech solutions and strong digital payments ecosystem of Smart and Voyager strengthens the value proposition of PLDT, which is the market leader in the telecommunications industry in the Philippines in terms of customer base.