Visa (NYSE: V), a global leader in digital payments, and CIMB Bank Philippines, the most-awarded digital-only commercial bank in the country and The Asian Banker’s Best Digital Bank in the Philippines for 2025, have announced an exclusive partnership aimed at enhancing financial solutions for Small and Medium Enterprises (SMEs) in the Philippines. The signing ceremony, attended by senior officials from both Visa and CIMB Bank Philippines, marks a significant milestone in the ongoing collaboration that began in 2023.
 |
From Left:
Suraj Ramchandani, Chief Growth Officer, CIMB; Ankur Sehgal, Chief Business and
Strategy Officer, CIMB; Vijay Manoharan, CEO, CIMB; Jeffrey Navarro, Country
Manager, Visa Philippines; Isidore Bada, Head of Clients, Visa Philippines;
Oliver Ornido, Director and Account Executive, Visa Philippines. |
To complement an upcoming business deposit
product from CIMB, a new Visa Business Debit Card will also be offered by Q3
2025. The card will be linked to the high interest business savings account,
where business owners can enjoy zero fees, free fund transfers, insurance
product offers, as well as a revolving credit facility that they can maximize
to grow their business. These new offerings cater specifically to micro and
small enterprises, which make up majority of the SME market, with the potential
to expand to larger enterprises later on.
In the Philippines, SMEs are often regarded
as the "backbone" of the economy, constituting 99.6% of the economy
in the country[1].
This means they create a substantial amount of employment and contribute
significantly to the country's GDP. By providing jobs and income to a large
segment of the population, SMEs drive economic growth and development[2].
Recognizing their strategic importance, this partnership aims to support the
financial needs of SMEs and enhance their growth prospects.
Through this collaboration, Visa will
provide CIMB customers with exclusive discounts and privileges at select Visa
merchants, adding more value to the CIMB Visa Business Debit Card. This
alliance aims to deliver seamless, secure, and innovative payment solutions for
SMEs, making it easier for them to access the financial services essential for
their operations and growth.
"This milestone marks an important
step towards our shared vision of providing accessible and innovative financial
solutions to consumers and businesses, thereby boosting financial inclusion for
Filipinos everywhere. Building on our successful partnership with CIMB Bank
Philippines, there is a tremendous opportunity to enhance the digital
capabilities of SMEs in the Philippines. Additionally, SMEs have unique and
personalized needs that require bespoke solutions. By utilizing Visa’s global
network and expertise, and CIMB’s digital leadership, we are committed to
seizing this opportunity to serve the unique needs of SMEs and provide tailored
solutions to facilitate their growth and success,” said Jeffrey Navarro, Country Manager for Visa
Philippines.
"As a
pioneer in digital-only banking in the country, CIMB Bank Philippines has
disrupted the retail banking space for the better with our partnership-led
model, earning the trust of 9 million customers and counting. We are now
dedicated to also empowering SMEs who are looking for better ways to bank, all
while we continue to drive digital and financial inclusion," said Vijay Manoharan, CIMB Bank Philippines CEO.
"Our partnership with Visa is part of our maiden foray into the SME
segment and helps enable us to offer enhanced payment solutions that are
secure, convenient, and specifically designed to support the growth and
financial health of SMEs. This collaboration aligns with our commitment to
empower SMEs and contribute to the Bangko Sentral ng Pilipinas’ Digital
Payments Transformation Roadmap, which targets to make 50 percent of total
retail transaction volumes digital."
[1] Department of
Trade and Industry, 2023 MSME Statistics.
https://www.dti.gov.ph/resources/msme-statistics/
[2] United Nations
Philippines Report, “MSME Sector is key to COVID-19 inclusive recovery for PH”,
https://philippines.un.org/en/93680-msme-sector-key-covid-19-inclusive-recovery-ph#:~:text=in%20the%20Philippines.-,MSMEs%20comprise%2099.5%25%20of%20business%20establishments%20in%20the%20Philippines%20and,Gross%20Domestic%20Product%20(GDP).
No comments:
Post a Comment