a seamless, digital banking experience tailored specifically for the hardworking entrepreneurs amongst us. That’s exactly what Visa and CIMB Bank Philippines are aiming for with their latest partnership. It’s not just another business deal; it’s a move that could really shake things up for small and medium enterprises (SMEs) here in the Philippines.
You see, these two giants, Visa, the global payments leader, and CIMB, the country’s award-winning digital bank, have decided to deepen their collaboration. They’ve been working together since 2023, but now they’re focusing on something truly significant: empowering the backbone of our economy, the SMEs.
What’s got everyone talking is the upcoming Visa Business Debit Card, set to launch in 2025. It’s not your average card; it’ll be linked to a high-interest business savings account, offering perks like zero fees, free fund transfers, and even access to a revolving credit facility. Think about it, a tool designed to help businesses grow without the usual banking hassles.
And here’s the kicker: they’re starting with micro and small enterprises, the very businesses that often need the most support. This isn’t just about big corporations; it’s about the local bakery, the online boutique, the neighborhood café. It’s about empowering the people who make our communities vibrant.
Let’s not forget, SMEs make up a staggering 99.6% of the Philippine economy. They’re job creators, economic drivers, and the heart of our entrepreneurial spirit. By providing them with better financial tools, Visa and CIMB are essentially investing in the country’s future.
Plus, Visa is adding exclusive discounts and privileges at select merchants, making this card even more appealing. It’s all about making digital payments secure, convenient, and accessible for businesses of all sizes.
“This partnership is about boosting financial inclusion,” says Jeffrey Navarro of Visa Philippines. “We’re combining Visa’s global network with CIMB’s digital expertise to provide tailored solutions for SMEs.”
Vijay Manoharan, CEO of CIMB Bank Philippines, echoes this sentiment. “We’re dedicated to empowering SMEs while driving digital and financial inclusion,” he explains. “This partnership aligns with the Bangko Sentral ng Pilipinas’ vision of a digital-first economy.”
In short, it’s a partnership that’s not just about business; it’s about building a stronger, more inclusive economy for everyone.
