CIMB Bank Philippines teams up with G-Xchange for marketing of financial products
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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.
Questions & Answers
Q.What is the primary purpose of the agreement between CIMB Bank Philippines and G-Xchange?
What is the primary purpose of the agreement between CIMB Bank Philippines and G-Xchange?
The agreement aims to create and market financial products. These products will be offered on G-Xchange's digital platform within the Philippines to customers there.
Q.How long is this agreement between CIMB Bank Philippines and G-Xchange expected to be in effect?
How long is this agreement between CIMB Bank Philippines and G-Xchange expected to be in effect?
The memorandum of agreement between the two entities will be effective for a period of three years. This term begins from the date the agreement was officially signed.
Q.Who are the ultimate owners of G-Xchange, Inc.?
Who are the ultimate owners of G-Xchange, Inc.?
G-Xchange, Inc. Is a wholly owned subsidiary of Globe Fintech Innovations, Inc. This parent company is, in turn, owned by Ant Financial, Ayala Corporation, and Globe Telecom.
Q.Where was the announcement about this agreement made public?
Where was the announcement about this agreement made public?
The announcement regarding the agreement was made public in a filing with Bursa Malaysia. This is where CIMB Group Holdings Bhd officially disclosed the information.
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