Grab is expanding the reach of its GrabPay mobile wallet in the Philippines by partnering with SM Investments while Malaysia’s CIMB Bank Bhd has secured approval to set up its banking business in the country.
Grab partners with SM to expand GrabPay
GrabPay is currently used for transport and delivery services in the Philippines but its partnership with SM will expand the mobile wallet’s usage to include paying for shopping items, grocery supplies, cinema tickets, and other goods services from offline stores operated by SM.
SM is present nationwide with over 70 malls and more than 2,200 stores with an extensive merchant network.
In a joint statement, GrabPay and SM said they support the goal of Bangko Sentral ng Pilipinas in transitioning 20 per cent of all transactions in the Philippines into cashless by 2020.
Malaysia’s CIMB launches digital retail bank in PH
Malaysia-based CIMB Bank Bhd said it has received regulatory approval to establish and operate banking business in the Philippines, according to its disclosure to Bursa Malaysia.
The latest approval came from the Bangko Sentral ng Pilipinas. CIMB said it received the Certificate of Authority to operate from the BSP dated October 25.
The Philippine licence gives CIMB a foothold in all of the 10 Asean nations — Philippines, Malaysia, Indonesia, Singapore, Thailand, Cambodia, Brunei, Vietnam, Myanmar, and Laos. Beyond ASEAN, the group has market presence in China, Hong Kong, India, Sri Lanka, Taiwan, Korea, the US, and UK.
“With these approvals, CIMB Bank Philippines Inc, which is the registered foreign bank branch of CIMB Bank Bhd, launched its digital retail banking business yesterday,” CIMB Group said in a stock exchange filing.