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Malaysia’s CIMB wants to enter Philippine market via FINTQ

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CIMB-Reuters-022514
People are seen in front of a CIMB bank office in Kuala Lumpur in this file photo taken on February 25, 2014. -- REUTERS

A Malaysian lender has tapped FINTQnologies Corp. (FINTQ) to penetrate the Philippine market as a digital bank.

In a statement on Tuesday, FINTQ, the financial technology arm of PLDT Group’s Voyager Innovations, Inc., said it entered a partnership agreement with CIMB Bank Berhad (CIMB).

The partnership is in line with CIMB’s strategy to establish itself as a “digital-only” bank in the country. CIMB can offer its financial products through FINTQ’s digital platform.

Offering financial products digitally instead of opening brick-and-mortar branches can trim banks’ operational costs, which can translate to higher efficiency and profitability.

“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,” Tengku Dato’ Sri Zafrul Aziz. CIMB Group’s Chief Executive Officer, was quoted as saying in the statement.

“[W]e are also confident that our differentiated strategy based on digital and partnerships will bring a strong value proposition into the market.” — Karl Angelo N. Vidal