Manila, Philippines – May 10, 2024 The Land Bank of the Philippines (LANDBANK) and leading fintech enabler Traxion announced a groundbreaking partnership today that will revolutionize digital banking and significantly boost financial inclusion across the Philippines.
This collaboration marks a significant step towards LANDBANK’s vision of being at the forefront of nation-building through the promotion of financial inclusion, digital transformation and sustainable development that benefits all Filipinos.
To bridge the widening gap between the vast underserved and unbanked population and the expanding range of innovative financial technologies, LANDBANK and fintech enabler Traxion are joining forces to further expand financial inclusion nationwide.
Under the agreement, Traxion will complement LANDBANK’s digital banking services and offerings, reshaping the nation’s economic landscape and transforming financial inclusion from a goal to a tangible reality.
Landbank President, Lynette V. Ortiz and Traxion CEO, Ann Cuisia sign the memorandum of agreement for Landbank and Traxion’s technology partnership
Lynette V. Ortiz, LANDBANK president and chief executive officer, shared her vision during the signing ceremony: “This [LANDBANKasama partnership] will significantly broaden our network coverage, especially in remote and underserved communities where access to financial services is often limited.”
“Let us continue to explore more avenues for collaboration, while leveraging the transformative power of technology in driving financial inclusion, empowering Filipinos, and serving the nation.”
LANDBANK also sees Traxion’s expertise as crucial in implementing their plan to
integrate QR code functionality into their cards. Highlighting the benefits, Ortiz further stated:
“[Traxion’s] technical expertise will be invaluable in the implementation of our plan to integrate QR code functionality into our cards to facilitate convenient, seamless, and secure cash disbursements, especially under the government’s social amelioration programs. We expect to further accelerate our efforts to promote QR Ph code-enabled person-to-person (P2P) and person-to-merchant (P2M) payments with our partnership.” Ortiz added.
The partnership will expand LANDBANK’s market reach to include cooperatives, rural banks, and even microfinance institutions. “With Traxion’s end-to-end PHYGITAL banking and payment solutions, LANDBANK can leverage the latest advancements in hybrid technology to serve all customer types, across generations and locations. The extensive technology deployed will reduce the cost of doing business, extend LBP’s agency banking activities, and empower the enablers Traxion has been supporting.” said Ann J. Cuisia, president and CEO of Traxion Tech, at the signing of a Memorandum of Agreement (MOA) with Land Bank of the Philippines.
“We are proud to be your technology partner in this transformative journey,” Cuisia continued. “Our suite of innovative products and solutions is designed to empower financial institutions like Land Bank of the Philippines to accelerate their go-to-market strategies, enhance operational efficiency, and deliver unparalleled value to their customers, both those comfortable with digital channels and those who still rely on physical branches.”
“At Traxion, we understand and listen to our market,” Cuisia concluded. “We actively learn about the pain points of doing business and customer service. We recognize that financial and digital inclusion should go hand-in-hand with a strong awareness of the infrastructure challenges in this country and the varying levels of tech adoption among Filipinos.”
About LANDBANK
The Land Bank of the Philippines (LANDBANK) is the largest development financial institution in the country promoting financial inclusion, digital transformation, and sustainable development to benefit Filipinos. The Bank is present in all 82 provinces in the county, committed to provide responsive and meaningful services beyond banking, and leverage on innovative technology for safe, convenient, and accessible digital banking solutions.
About Traxion
Traxion is a leading fintech enabler in the Philippines. They offer a comprehensive suite of digital banking and payment solutions designed to empower financial institutions to expand their reach and provide innovative services to their customers.