Visa and CIMB Bank Philippines join forces to enhance financial solutions for SMEs, offering innovative payment options and business tools to support growth and success.
In an exciting new development, Visa and CIMB Bank Philippines are strengthening their partnership to deliver cutting-edge financial solutions to Small and Medium Enterprises (SMEs) in the country. This collaboration aims to provide seamless, secure, and innovative banking experiences for SMEs, helping them thrive in today’s fast-paced digital world.
The partnership, which first began in 2023, was recently marked by a ceremonial signing attended by key officials from both Visa and CIMB Bank Philippines. This new chapter in their collaboration is set to make waves in the SME market, building on the strong digital foundation that CIMB Bank has established as a digital-only bank in the Philippines. With Visa’s trusted global network and CIMB’s forward-thinking digital offerings, the goal is to provide SMEs with the tools they need to succeed—making banking simpler, faster, and more accessible.
A highlight of this partnership is the launch of the Visa Business Debit Card, scheduled for release by Q3 2025. Tailored to the needs of Filipino business owners, this card will be linked to a high-interest business savings account, offering zero fees, free fund transfers, exclusive insurance products, and even a revolving credit facility. All of this is designed to help micro and small enterprises grow their businesses without the financial constraints often faced by smaller players in the market.
SMEs are the backbone of the Philippine economy, representing a staggering 99.6% of businesses across the nation. They play an integral role in job creation and the overall economic health of the country, making it essential to provide them with the financial tools to thrive. This collaboration between Visa and CIMB Bank Philippines seeks to meet those needs head-on, offering personalized solutions and exclusive benefits such as discounts at select Visa merchants.
Jeffrey Navarro, Country Manager for Visa Philippines, expressed his excitement about the partnership, emphasizing how Visa’s global expertise combined with CIMB’s digital innovation can create tailored solutions to help SMEs scale up and succeed. "This is an important step toward our shared vision of enhancing financial inclusion and empowering businesses in the Philippines," he said.
For CIMB, this partnership marks a significant milestone as they extend their reach into the SME segment, a core pillar of the country’s economy. “We are committed to driving digital and financial inclusion,” said Vijay Manoharan, CEO of CIMB Bank Philippines. "By working together with Visa, we are excited to bring tailored solutions to SMEs, helping them stay competitive in an increasingly digital economy.”
Together, Visa and CIMB Bank Philippines are not just providing products—they’re creating opportunities for growth, making banking smarter, more efficient, and more rewarding for Filipino businesses everywhere.
Post a Comment
0Comments