Digital-only bank CIMB Bank Philippines announced recently that it has teamed up with Visa to accelerate the growth of its debit card program through the use of Visa’s virtual and real cards.
According to CIMB, the partnership will allow Visa, the world leader in payments technology, to gain more exposure from a new group of clients through CIMB’s users and its other partners’ followings.
Photo shows Vijay Manoharan (fifth from left), CEO of CIMB Bank Philippines, and Jeff Navarro (sixth from left), Visa Country Manager for the Philippines and Guam, as they officially seal the strategic partnership to grow the CIMB PH-Visa Debit Card portfolio. They are joined by (from left:) CIMB Bank Philippines Chief Marketing Officer D’Artagnan Aguilar, Chief Legal Counsel Rowena Wilwayco, Chief Business and Strategy Officer Ankur Sehgal, and Chief Growth Officer Suraj Ramchandani and Visa Philippines and Guam Marketing Director Gladys Chan and Head of Digital Partnerships Oliver Ornido.
A cooperation to expand the CIMB PH-Visa Debit Card portfolio was formally signed recently by Vijay Manoharan, CEO of CIMB Bank Philippines, and Jeff Navarro, Visa’s country manager for the Philippines and Guam.
Manoharan asserted that CIMB Bank has always been dedicated to setting the standards for digital banking options and promoting financial inclusion.
According to him, the partnership with Visa forms part of the digital bank’s support to the Bangko Sentral ng Pilipinas (BSP)’s Digital Payments Transformation Roadmap, which aims to have 50 percent of all retail transactions in the country converted into digital form.
“Working with Visa will enable 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,” Monahan said.
For his part, Navarro chimed in, “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.”
The cooperation between the two parties will directly benefit the enormous client base of CIMB Bank Philippines, which now has over seven million users.
Customers can also expect an even more seamless and secure payment experience with the combined experience of CIMB Bank in embedded banking and Visa’s global network and expertise.
Visa will also be providing CIMB customers with exclusive discounts and other privileges when the bank’s customers use their Virtual Debit Card with select Visa merchants.
According to Monahan, nearly 500,000 people now have physical and virtual cards from CIMB Bank.
Together, CIMB and Visa are determined to achieve that shared objective of providing all Filipinos with more innovative and accessible financial solutions.