According to a press release, the move will help SCI Ventures introduce blockchain systems to Cebuana Lhuillier’s 4,000 domestic partners and one million physical and virtual touchpoints worldwide.
The partnership is part of P.J. Lhuillier’s plan to enter the digital financial services market.
“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.
Miguel Cuneta, chief community officer and co-founder of SCI Ventures, added that SCI is well-aligned 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,” he noted.
John Bailon, CEO and co-founder of SCI Ventures, and James Robert Afzelius, assistant vice president of Cebuana Lhuillier’s digital sales group, joined Lhuillier and Cuneta in the contract signing in Makati City.
The amount of the P.J. Lhuillier’s investment was not disclosed.