Philippines, 27 February 2025 – Visa (NYSE: V), a global leader in digital payments, and CIMB Bank Philippines, the country’s most-awarded digital-only commercial bank and The Asian Banker’s Best Digital Bank in the Philippines for 2025, 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, marks a key milestone in their ongoing collaboration, which began in 2023.
From Left: 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.
Building on their successful 2023 partnership, the new agreement combines Visa’s global payments technology with CIMB Bank’s digital offerings to deliver superior banking experiences to the underserved SME market. A new Visa Business Debit Card will be launched in Q3 2025, linked to CIMB’s upcoming business deposit product. This card will offer business owners zero fees, free fund transfers, insurance options, and a revolving credit facility, providing tailored financial solutions for micro and small businesses, with potential for expansion to larger enterprises in the future.
SMEs are a crucial driver of the Philippine economy, representing 99.6% of businesses and playing a significant role in employment and GDP growth. This partnership aims to meet the financial needs of SMEs and support their growth potential. Additionally, Visa will offer exclusive discounts and privileges at select Visa merchants, adding further value to the CIMB Visa Business Debit Card.
“This partnership marks an important step in providing accessible and innovative financial solutions to businesses, helping drive financial inclusion for Filipinos. By leveraging Visa’s global network and CIMB’s digital expertise, we are committed to delivering tailored solutions that help SMEs grow and succeed,” said Jeffrey Navarro, Country Manager for Visa Philippines.
“As pioneers in digital-only banking, CIMB Bank Philippines has disrupted the retail banking space and earned the trust of 9 million customers. This partnership with Visa allows us to offer secure, convenient payment solutions that support SME growth and align with the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap,” said Vijay Manoharan, CEO of CIMB Bank Philippines.
