EastWest Banking Corp. is soaring high thanks to a new partnership with aviation giant Singapore Airlines (SIA) as they aim to capitalize on the resurgent travel industry and further fuel its consumer lending expansion.
Photo shows East West Banking Corp. executives Aylwin Herminia Tamayo (left), FVP and Credit Cards Business Head and Lawrence Lee (2nd from left), EVP and Consumer Lending Head, together with Singapore Airlines Ltd. executives Rachel Tan (3rd from left), VP for KrisFlyer partnerships, and Sia Nam Kung, General Manager for the Philippines, during the signing.
The strategic alliance, unveiled earlier this week, underscores EastWest’s ambition to solidify its market presence and capture a larger slice of the burgeoning consumer finance pie.
“This is a landmark moment for EastWest,” declared Lawrence Lee, executive vice president and head of consumer finance. “Partnering with a globally recognized and prestigious brand like Singapore Airlines, especially within the dynamic travel sector, is a significant step forward for us.”
Lee also emphasized the branding power of the collaboration, positioning EastWest as a key player in facilitating memorable travel experiences.
An exclusive preview for EastWest Bank credit cardholders
The partnership kicks off with an exclusive preview for EastWest credit cardholders, granting them priority access to SIA tickets until March 5, 2025.
These special fares are valid for travel on qualifying SIA flights between February 15 and December 31, opening up a world of possibilities for eager travelers.
Liwei Tai, general manager of Singapore Airlines for the Philippines, echoed the enthusiasm, highlighting the enhanced travel options and value this collaboration brings to customers. “This launch is just the beginning,” Tai hinted.
“We have a pipeline of exciting initiatives planned for 2025, combining EastWest’s exceptional offers and benefits with SIA’s renowned service and extensive network. We’re inviting our customers to embark on more fulfilling travel journeys,” she added.
For EastWest cardholders, the partnership translates into tangible rewards. Exclusive promotions, including cash rebates and discounted SIA fares, are on offer.
Furthermore, cardholders will earn 1 KrisFlyer Mile for every P12 spent, accelerating their journey towards dream vacations. “Whether you’re planning a quick getaway or the adventure of a lifetime, these incredible deals bring those aspirations within reach. We’re empowering our cardholders to create lasting memories,” asserted Lee.
EastWest Bank remains bullish
Beyond the immediate travel perks, EastWest Bank remains bullish on the broader expansion of its consumer loan and credit card businesses. Lee revealed that travel-related transactions account for a significant 15–20% of total credit card spending, a figure that fluctuates seasonally but consistently demonstrates the importance of travel within consumer spending habits.
“The Philippine economy is consumer-driven,” Lee explained, “and all indicators point towards continued resilience. While global uncertainties, such as the potential impact of US policies, remain a factor, we maintain a positive outlook.”
EastWest’s confidence stems from a confluence of factors, including the country’s young and vibrant workforce. Lee pointed to the average age of 26 as a key driver of consumer lending growth. “As young professionals enter the workforce and their earning power increases,” he observed, “their spending and borrowing habits evolve to fulfill their aspirations. Whether it’s buying a home, a car, or other significant purchases, this demographic is a powerful engine for growth.”
This demographic trend, coupled with the increasing adoption of digital payment methods and the robust appetite for travel experiences, fuels EastWest’s optimistic outlook for its consumer lending portfolio, particularly its credit card segment.
The bank’s strategy is to outpace industry growth by capitalizing on these favorable market dynamics. The SIA partnership serves as a potent catalyst, further solidifying EastWest’s position as a leading player in the competitive consumer finance landscape.
Earlier this year, the bank also entered into a partnership agreement with Unioil to assist motorists in reducing fuel expenses this 2025. The partnership, which is now on its fifth year, enables EastWest credit cardholders to take advantage of a discount of up to P4 per liter at selected Unioil stations around the country through December 31 of this year.
By aligning with premium brands like Singapore Airlines and Unioil, EastWest is not just offering travel benefits; it’s associating itself with a lifestyle of aspiration and achievement, a powerful draw for its target market. The bank is betting that as Filipinos continue to embrace digital payments and prioritize travel, EastWest will be there to facilitate those experiences, one swipe at a time.