Filipino-led blockchain and digital asset platform, Satoshi Citadel Industries (SCI) Ventures Inc., and Kakao Investment, virtual currency arm of Kakao Talk, Korea’s largest messaging app, announced an investment from P.J. Lhuillier, Inc. (PJLI), the parent company of Cebuana Lhuillier.
Cebuana Lhuillier is the largest non-bank financial services provider in the Philippines with 2,500 branches nationwide.
The company has invested an undisclosed amount to acquire a stake in the local fintech firm as part of its bid to enter the digital financial services market.
“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 Jean Henri Lhuillier, PJLI president and CEO.
This partnership allows SCI to introduce cutting-edge blockchain solutions and services to Cebuana Lhuillier’s 4,000 domestic partners and one million combined physical and virtual touchpoints worldwide, expanding the local market for digital assets.
“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,” said Miguel Cuneta, SCI Ventures Inc. CCO and co-founder.
Currently, Cebuana Lhuillier has 11 million active users in their loyalty card program and serves over 25 million Filipinos in the country and abroad.
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