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Philippine-based pawnshop and lender <a href="https://www.cebuanalhuillier.com/about/">P.J. Lhuillier, Inc.</a> (PJLI), parent company of Cebuana Lhuillier invested an undisclosed amount in local blockchain and <a href="http://www.sci.ph">Satoshi Citadel Industries (SCI) Ventures Inc.</a>, and <a href="http://www.kvgcorp.com/">Kakao Investment</a>, the virtual currency arm of Kakao Talk, Korea's largest messaging app, as part of its broader initiative to expand its financial services.

Acquiring a stake in Kakao Investment also allows Cebuana Lhuillier to enter the domestic digital financial services market by utilizing the nascent blockchain technology. Cebuana Lhuillier is the largest non-bank financial services provider in the Philippines with 2,500 branches nationwide.

“This is another milestone in our continuing pursuit to expand our horizon and make a significant impact as we enter the digital arena,” stated Jean Henri Lhuillier, president and CEO of PJLI. “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.”

He explained the expansion of foreign digital payment giants in the country, coupled with local start-ups growth have influenced Cebuana’s digital transformation. Lhuillier added the company is already servicing millions of Filipinos with microloans, microinsurance, and local and international money transfers.

This partnership allows SCI to introduce cutting-edge <a href="https://www.cryptoknowmics.com/crypto/philippines-to-have-second-crypto-atm/">blockchain solutions</a> 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.

As more and more Filipinos go digital, a trusted local name like Cebuana Lhuillier can become the preferred digital financial services provider for the 80 million Filipinos who are not serviced by the banking industry. Currently, Cebuana Lhuillier has 11 million active users in their loyalty card program and serves over 25 million Filipinos in the country and abroad.

Philippine lender partners with blockchain for fintech initiative

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Philippine lender partners with blockchain for fintech initiative

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