Suraj Ramchandani, chief growth officer, CIMB; Ankur Sehgal, chief business and strategy officer, CIMB; Vijay Manoharan, CEO, CIMB; Jeffrey Navarro, country manager, Visa Philippines; Isidore Bada, head of clients, Visa Philippines; Oliver Ornido, director and account executive, Visa Philippines.
Digital payments firm Visa and digital-only commercial bank CIMB Bank Philippines have announced an exclusive partnership to enhance financial solutions for Small and Medium Enterprises (SMEs) in the Philippines.
The signing ceremony, attended by senior officials from both Visa and CIMB Bank Philippines, marks a significant milestone in the ongoing collaboration that began in 2023.
“This milestone marks an important step towards our shared vision of providing accessible and innovative financial solutions to consumers and businesses, thereby boosting financial inclusion for Filipinos everywhere,” said Jeffrey Navarro, country manager for Visa Philippines.
He added, “Building on our successful partnership with CIMB Bank Philippines, there is a tremendous opportunity to enhance the digital capabilities of SMEs in the Philippines. Additionally, SMEs have unique and personalized needs that require bespoke solutions. By utilizing Visa’s global network and expertise, and CIMB’s digital leadership, we are committed to seizing this opportunity to serve the unique needs of SMEs and provide tailored solutions to facilitate their growth and success.”
This strategic collaboration builds on the strong foundation established in 2023, when Visa and CIMB Bank Philippines first joined forces to provide innovative and accessible financial solutions to Filipinos.
The new agreement will integrate Visa’s world-class technology and extensive global network in digital payments with CIMB Bank Philippines’ cutting-edge digital offerings to deliver a superior banking experience to the underserved SME market.
To complement an upcoming business deposit product from CIMB, a new Visa Business Debit Card will also be offered by Q3 2025. The card will be linked to the high-interest business savings account, where business owners can enjoy zero fees, free fund transfers, insurance product offers, and a revolving credit facility that they can maximize to grow their business.
These new offerings cater specifically to micro and small enterprises, which make up the majority of the SME market, and they have the potential to expand to larger enterprises later on.
In the Philippines, SMEs are often regarded as the “backbone” of the economy, constituting 99.6% of the country’s economy. This means they create a substantial amount of employment and contribute significantly to the country’s GDP.
SMEs drive economic growth and development by providing jobs and income to a large segment of the population. Recognizing their strategic importance, this partnership aims to support the financial needs of SMEs and enhance their growth prospects.
Through this collaboration, Visa will provide CIMB customers with exclusive discounts and privileges at select Visa merchants, adding more value to the CIMB Visa Business Debit Card. This alliance aims to deliver seamless, secure, and innovative payment solutions for SMEs, making accessing the financial services essential for their operations and growth more manageable.
“As a pioneer in digital-only banking in the country, CIMB Bank Philippines has disrupted the retail banking space for the better with our partnership-led model, earning the trust of nine million customers and counting. We are now dedicated to empowering SMEs and looking for better ways to bank all. At the same time, we continue to drive digital and financial inclusion,” said Vijay Manoharan, CEO of CIMB Bank Philippines.
“Our partnership with Visa is part of our maiden foray into the SME segment and helps us offer enhanced payment solutions that are secure, convenient, and specifically designed to support SMEs’ growth and financial health. This collaboration aligns with our commitment to empower SMEs and contribute to the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap, which targets to make 50 percent of total retail transaction volumes digital,” he added.