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Fexco announces partnership with Al-Amanah Islamic Investment Bank of the Philippines

August 06, 2019

Fexco, one of the world’s leading independent financial technology providers, has today announced its partnership with Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) or Amanah Islamic Bank (AIB). Fexco’s EasyDebit microATM is the country’s first mobile cash withdrawal solution. The partnership with AAIIBP, a subsidiary of Development Bank of the Philippines (DBP), marks further expansion by Fexco in the Philippines.

The partnership allows AIB customers, and the community of Bancnet ATM/Debit cardholders, easy access to cash withdrawal services. This mobile solution enables banks, as well as a network of accredited merchants, including payment centers, remittance centers and retailers, to offer cash withdrawal services to cardholders, eliminating the need to travel to an ATM.

This collaboration will also provide the bank’s network of small and medium business clients the opportunity to become EasyDebit merchants. AIB is offering its merchants a microfinance scheme that allows them to avail of the EasyDebit business bundle to start their EasyDebit business. In turn, EasyDebit offers its merchants the chance to earn from each withdrawal transaction in their store.

Commenting on the Partnership, Cathal Brendan Foley, CEO of Fexco Asia said:
”We are delighted to announce this partnership with Al-Amanah Islamic Investment Bank of the Philippines. The growth and expansion of EasyDebit’s microATM and payments solutions in the Philippines marks an exciting time for the financial sector. At Fexco, we are excited to bring this mobile solution to enable rural banks to expand the way they deliver their services to their communities”.

Alex P. Bangcola, Chairman and CEO of Amanah Islamic Bank likewise says:
"As a small bank with a limited branch network, we believe that technology can be the great equalizer for Amanah Islamic Bank, hence our move into fintech thru EasyDebit. With hundreds or even thousands of stores as payout centers, we are effectively able to expand our ATM network in quantum leaps. Later, we envision to utilize the EasyDebit platform to cross-sell our other Islamic banking products and services "

Launched in 2017, Fexco’s EasyDebit has 20 local network partners including Rural Banks, Cooperatives, Bills and Payments Centers, Pawnshops and Retailers. The service is available in close to 1,000 locations across 17 regions in the Philippines. To date, Fexco’s EasyDebit has processed over 2 Billion in withdrawal transaction value, highlighting the customer’s trust and the traction gained in the market.

ENDS

Photo Caption: Present during the contract signing event are (L-R) Nasor P. Abdullatif, Head of the Operations Sector, Atty. Imelda Tarhata F. Macarambon, Chief Operating Office of AAIBP, Cathal Brendan Foley, CEO and Michael Dennis Assidao, CIO of Fexco Philippines, Inc.

Contact: Shane Kavanagh; [email protected]; Ph: +353834229611

About Fexco
Recognised as one of the world’s original and most established fintech organisations, Fexco employs over 2,400 people across its suite of companies headquartered in Killorglin, Co. Kerry located in the South West of Ireland. Founded in 1981, Fexco now has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America. Since inception, Fexco has been driven by an entrepreneurial and innovative spirit. This ethos has brought the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to partnership and innovation, the company has built an international network of customers.