CIMB Bank Philippines Inc has signed a memorandum of agreement with G-Xchange, Inc (GXI) for the purpose of creating and marketing financial products on the latter’s digital platform in the Philippines.
In a filing with Bursa Malaysia, CIMB Group Holdings Bhd said the agreement will be effective for three years from the signing date.
CIMB Bank Philippines is a foreign bank branch of CIMB Bank Bhd, a 99.99% subsidiary of CIMB Group Sdn Bhd, which in turn is a wholly owned subsidiary of CIMB Group Holdings.
GXI is a wholly owned subsidiary of Globe Fintech Innovations, Inc, which in turn is owned by Ant Financial, Ayala Corporation and Globe Telecom.
CIMB Group Holdings’ share price rose 0.67% or 4 sen to close at RM5.98 with 8.52 million shares traded on Friday.
