Thursday 28 Mar 2024
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KUALA LUMPUR (March 12): CIMB Bank Bhd has teamed up with CIS Bayad Center Inc and FINTQnologies Corp — both affiliates of the Philippine Long Distance Telephone Co (PLDT) — to leverage on the companies' extensive network and broad range of services, thus helping CIMB to scale up its reach to customers across the Philippines.

CIMB, through its branch that is being set up in the Philippines, CIMB Bank Philippines Inc, recently entered into partnership agreements with the two 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," said CIMB in a statement today.

Leveraging on Bayad Center's network of more than 12,000 payment channels in the Philippines and broad range of services will help scale up CIMB’s reach to customers across the country effectively, it added.

The partnership with FINTQ, meanwhile, will allow CIMB to leverage on the subscriber base and customer database of Lendr, one of FINTQ’s proprietary platforms.

"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," said CIMB Group Holdings Bhd group chief executive officer Tengku Datuk Seri Zafrul Aziz in the statement.

"CIMB is excited with the prospects that the Philippine 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," he added.

CIMB shares closed 12 sen or 1.68% higher at RM7.27 today, with 23.2 million shares done, bringing a market capitalisation of RM66.89 billion.

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