IBM bags $260m banking tech deal in Philippines
IBM and the Bank of the Philippine Islands (BPI) have signed a $260 million multi-year services agreement as the latter plans a digital overhaul.
“We need to continue to be responsive to an ever-changing market”
IBM will provide IT infrastructure services to support a hybrid cloud. Manila-based BPI is the third-largest bank in the country in terms of assets, with more than nine million customers.
“The rapidly changing business environment requires us to accelerate the pace of our digital transformation. We need to continue to be responsive to an ever-changing market,” says Cezar P. Consing, BPI president and CEO.
This renewed IT services agreement will be across online, mobile apps, ATMs, CAMs (cash accept machines) and branches.
The duo has also designed an IT environment to tap into open APIs to make the “most of the bank’s data to create compelling customer applications and services”.
There are no specifics but the agreement will help BPI with continual upgrades for bank branches with new technology as well as other financial services apps for customers.
In other IBM deals this month, it extended its partnership with BNP Paribas and got a $540 million multi-year agreement with Nordea Bank.
