Philippine multi-industry company and parent company of giant non-bank financial services provider Cebuana Lhuillier, PJ Lhuillier Group of Companies (PJLGC), announced its latest acquisition of a stake in South Korean tech giant Kakao Talk-backed Philippine fintech company, SCI Ventures Inc.
This signals Cebuana Lhuillier’s foray into the digital financial services market, a move which the company calls a natural progression since they already offer an extensive array of services which encompasses microloans, microinsurance, and local and international money transfers.
“This is another milestone in our continuing pursuit to expand our horizon and make a significant impact as we enter the digital arena. With our robust 2,500 branch network and strong partnerships with key financial players such as SCI and KaKao Talk in place, we are ready to take advantage of our unique ‘bricktech’ set-up and make our mark in this space,” said PJLI president and CEO Jean Henri Lhuillier in a press release published on its website.
SCI Ventures Inc. CCO and co-founder Miguel Cuneta, meanwhile, expressed the company’s anticipation of the possibilities this partnership is projected to bring.
“We’re happy to be backed by an institution like Cebuana Lhuillier. We are well-aligned in our goal to provide better inclusive financial services in the Philippines. Their extensive brick-and-mortar network is unmatched in reach and efficiency, and going digital is a natural step forward for the company. SCI is excited to be part of this journey as a technology partner,” Cuneta said in the same press release.
The acquisition was formalized last June 13. Present during the signing were Jean Henri Lhuillier; Cebuana Lhuillier Services Corp. senior executive vice president Philippe Andre Lhuillier; SCI Ventures, Inc. CEO and co-founder John Bailon; and SCI Ventures, Inc. CCO and Miguel Cuneta.
With this partnership, Cebuana Lhuillier will be able to tap SCI’s expertise in creating blockchain solutions as it expands its digital assets portfolio which services millions of Filipinos via multiple physical and virtual touchpoints worldwide.