PLDT plugs in digital solutions for banks operating in Southeast Asia

MANILA, Philippines - CIMB Group Sdn Bhd of Malaysia has tied up with Philippine Long Distance Telephone Co. (PLDT) to offer digital financial offerings and solutions for customers across Southeast Asia.

CIMB Group chief executive officer Tengku Dato’ Sri Zafrul Aziz and PLDT chairman Manuel V. Pangilinan signed the collaboration agreement between the wholly owned subsidiary of CIMB Group Holdings Berhad and PLDT’s Smart Communications Inc. and Voyager Innovations Inc.

“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,” the CIMB chief executive said.

Aziz said the CIMB Group would be able to offer innovative and differentiated digital banking and financial technology solutions in the Philippines and other members of the Association of Southeast Asian Nations (Asean) through the partnership with the PLDT Group.

Pangilinan, for his part, said CIMB is among the largest and most diversified Asean banks and its regional banking knowledge and presence across the region would provide depth to this digital partnership.

The collaboration is premised on the unique capabilities and positions of the partners.

CIMB, 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.

On the other hand, the market-leading and innovative fintech solutions and strong digital payments ecosystem of Smart and Voyager strengthens the value proposition of PLDT.

The Kuala Lumpur-based financial institution is the fifth largest banking group in Southeast Asia offering consumer banking, commercial banking, wholesale banking, Islamic banking, and asset management products and services.

It has a staff of over 40,000 workers in 17 locations across Southeast Asia.

PLDT recently hiked its capital expenditure budget to P43 billion instead of P39 billion to further upgrade its infrastructure network and data connectivity.