Chinabank, Russian firm ink deal

MANILA, Philippines - Sy-led China Banking Corp. (Chinabank) has entered into an agreement with Russia-based software developer Compass Plus for the launch of its credit card business, a bank official said. 

Chinabank executive vice president for lending business segment and Institutional Banking Group William Whang said they would utilize the business application products TranzWare Online and TranzWare Card Management System of Compass Plus. 

Whang said these products could be seamlessly integrated into Chinabank’s system which would securely process multiple card type transactions and efficiently manage card issuance and lifecycle, as well as bank and merchant acquiring. 

“We are confident that Compass Plus’ scalable, flexible, and reliable card management system is tailor-fit to our needs and will enable us to successfully implement our credit card operations this year,” Whang said.

Compass Plus, a leading software company in Russia, provides a wide range of technologically advanced, fully integrated flexible applications for building large-scale automated systems, including electronic payment systems, across the globe.

Chinabank is the country’s first privately owned local commercial bank and now the fifth largest universal bank by market capitalization, serving the banking needs of the corporate, commercial and retail markets since 1920. 

Aside from organic growth, Chinabank enters into strategic alliances to expand and strengthen its operations.  

Most recently, it acquired Planters Development Bank (Plantersbank) to strengthen its presence and support to the small-and-medium enterprises (SME) sector.  

With the acquisition, the Chinabank Group has 450 branches to date: 299 for China Bank, 73 for China Bank Savings, and 78 for Plantersbank.  This wide branch network is complemented by electronic banking channels—ATM, online, mobile, and phone banking—that provide 24/7 service.