CIMB bolsters telecommunication links as it collaborates with Philippine telco

Roles of telcos and banks are converging.

Looking to tap on the Philippine Long Distance Telephone (PLDT) company’s large consumer base, CIMB has entered into a strategic collaboration with the company.

According to a statement by CIMB, the agreement includes collaborating with PLDT, its wireless services provider, Smart Communications Inc. (Smart) and its wholly owned digital unit, Voyager Innovations, Inc. (Voyager) to offer digital financial offerings and solutions for customers in the Philippines and across ASEAN.

“Through this partnership, we are then able to offer innovative and differentiated digital banking and financial technology solutions in the Philippines and across ASEAN,” said Tengku Dato’ Sri Zafrul Aziz, CIMB group chief executive.

Meanwhile, Manuel V. Pangilinan, chairman of PLDT said the diversification and reach of CIMB would provide debt to the digital partnership.

“The collaboration is premised on the unique capabilities and positions of the partners. CIMB, which 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, whilst the market-leading and innovative fintech solutions and strong digital payments ecosystem of Smart and Voyager strengthens the value proposition of PLDT, which is the market leader in the telecommunications industry in the Philippines in terms of customer base,” the statement said.