The Lucio Tan Group’s Philippine National Bank (PNB) is looking for global technology companies with expertise in data science and AI to expand its remittance business.
PNB President and CEO Edwin Bautista said they are exploring new revenue sources in the next few years to increase products and services for overseas Filipinos. Given the available technology, they hope to use and produce more accurate customer and product data.
Using these digital solutions and tools for banking technology is expected to boost the bank’s profitability and help them sustain double-digit growth, he said.
Bautista also said they will “unlock new revenue streams to boost our net income” by forming strategic alliances that will add value to PNB’s products and services.
In early July, PNB partnered with Digital Wallet Corp. (DWC) to improve its services to overseas Filipinos. DWC owns Smiles, Japan’s leading mobile remittance platform.
The bank also enhanced the safety features of PNB RCI WebRemit and PNB Singapore Mobile App to ensure remittance channels are secure.
In the first six months of the year, PNB’s consolidated net income rose 22 percent year-on-year to P12.5 billion.
Net interest income grew 7 percent year-on-year to P25.8 billion, while its non-interest income surged 64 percent year-on-year to P1.4 billion.
“The good performance of the Bank’s core businesses was enhanced by the fine performance in trading securities and foreign exchange operations, with gains rising by 64 percent to P1.4 billion year-on-year,” PNB said in its statement.
As of end-June, PNB recorded total assets of P1.29 trillion.
