CIMB Bank Philippines, an innovative digital-only bank, and Visa, a global leader in payment technology, have forged a strategic partnership to jointly pursue their shared objective of enhancing accessibility and innovation in financial solutions for all Filipinos.
This collaboration represents a compelling fusion of CIMB Bank PH’s pioneering digital-first offerings and Visa’s extensive network of merchants and cutting-edge technology. The mutually beneficial partnership strengthens the growth of CIMB Bank Philippines’ debit products, encompassing both virtual and physical cards, while introducing Visa to a new customer base through CIMB and its partner networks. Additionally, Visa will extend exclusive discounts and privileges to CIMB customers when they use their Virtual Debit Card with select Visa merchants.
Vijay Manoharan, CEO of CIMB Bank Philippines, stated, “At CIMB Bank PH, we have always been committed to pioneering digital banking solutions and driving financial inclusion. Working together with Visa enables us to take this commitment to the next level by offering our customers enhanced payment solutions that are secure and convenient, to help allay the Filipinos’ hesitancy over digital banking, while also contributing to the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap, which targets to make 50% of total retail transaction volumes digital.” CIMB Bank currently serves nearly 500,000 virtual and physical card customers.
Jeff Navarro, Visa Country Manager for the Philippines and Guam, expressed excitement about the partnership, stating, “This milestone marks an important step towards our shared vision of providing accessible and innovative financial solutions to consumers, thereby boosting financial inclusion for Filipinos everywhere. By leveraging Visa’s global network and expertise and CIMB Bank PH’s digital leadership, we are set to create an unparalleled customer experience that caters to the evolving needs of the modern customer.”
CIMB Bank PH brings to the table its extensive customer base of over 7 million users and its leadership in embedded banking. Its commitment to empowering partner products on its platform aligns seamlessly with Visa’s mission to facilitate payments for everyone, everywhere.
CIMB Bank PH and Visa are poised to reshape the payment landscape in the Philippines and contribute to the nation’s financial inclusion objectives. Customers can anticipate a more seamless and secure payment experience with their CIMB Visa Debit Card while also leveraging the numerous features of the CIMB Bank PH app.
