Fintech scene continues to rise in the country this time with a new investment of PH-led blockchain and digital asset platform Satoshi Citadel Industries (SCI) Ventures, Kakao Talk's virtual currency rm Kakao Investment to P.J. Lhuillier Inc., the parent company of largest non-bank financial services provider in the country, Cebuana Lhuillier.
From a statement from P.J. Lhuillier President and CEO Jean Henri Lhuillier "To our fintech partner, SCI Ventures, Inc. headed by CEO and Co-founder John Bailon and Chief Community Officer and Co-Founder Miguel Cuneta, to the members of the PJ Lhuillier management committee, and to our friends from the media, good afternoon. It’s a pleasure to be here with you all today. This is an exciting time for all things fintech. We live in a time of unparalleled innovation. Things that we never thought possible before are now the same things we cannot live without today. This is why I’m excited by the revolutionary advancements I’m seeing in financial technology. Fintech holds great promise in tackling challenges that come with our modern financial system today. These include facilitating payments between buyers and sellers and ensuring money transfers are sent securely to intended recipients either for business or for personal purposes.
We, at Cebuana Lhuillier, recognize the game-changing benefits of fintech that can be applied to our business to better serve our clients and stakeholders who we credit for our company’s legacy and longevity. We have undertaken great strides these past few years to take our business to the next level and we believe that fintech can make our financial system more successful at achieving our fundamental goals as we move forward to the next 30 years. Our partnership with SCI Ventures Inc., aims to widen our reach to continue serving the un-served and underserved communities as we enable them to transition from subsistence living to more sustainable economic conditions by improving our services and providing them with more affordable, more simplified, and more efficient financial access to put more money in their pockets or to allow their small business to grow. To John and Miguel and to the rest of the SCI team, we look forward to this partnership."
Officials from Cebuana Lhullier clarified that they are not officially going into bitcoins but with this partnership, this is a natural progression as they are now servicing money remittance and microloans and microinsurance.
From Miguel Cuneta, CCO and Co-Founder of SCI Ventures, he said that they are happy to backed by Cebuana Lhuillier to provide better inclusive financial services in the country and also as a technology partner. He also mentioned the unmatched reach and efficiency of their extensive brick-and-mortar network in the Philippines.
