Digital payments giant Visa plans to forge two more partnerships with traditional banks this year—adding to its newly launched collaboration with CIMB Bank Philippines—to help bridge the multi-billion-dollar funding gap for small and medium-sized enterprises (SMEs).

“I’m hoping by the end of the year, we can launch three,” said Jeff Navarro, country manager for Visa Philippines, during a press briefing on Tuesday, May 27, regarding the company’s financing support for SMEs in the country. Navarro refused to disclose which banks Visa was currently negotiating with.

He clarified that the recently forged partnership with CIMB Bank Philippines is included in the total partnerships for 2025. The fresh deal with CIMB involved the launch of a new Visa business debit card.

“Designed to cater to SME owners, the card will be linked to a high-interest business savings account, where business owners can enjoy zero fees, free fund transfers, insurance product offers, as well as a revolving credit facility that they can maximize to grow their business,” Visa stated.

“Visa has been actively working with local partners to launch innovative products designed to expand financial inclusion for SMEs,” the company said in a statement.

Company data showed that SMEs comprise 99 percent, or 1.2 million, of existing businesses in the Philippines. New initiatives and partnerships are designed to expand this sector’s access to credit.

While data also showed that 22 percent of total bank lending in the region goes to SMEs, the Philippines still faces a funding gap for SMEs of $221 billion, roughly 10 percent of the $2.4 trillion funding gap in East Asia and the Pacific.

This makes the local funding gap proportionally the second largest in the region, underscoring a significant financial shortfall in the country.

To overcome these financial challenges and drive growth, Visa stated that through its $100-million small business accelerator and partnerships with local organizations, the company is supporting SMEs—especially women-led and micro-enterprises.

Gareth Barrington, Visa head of commercial money movement for Southeast Asia, noted that the company has previously partnered with the Bangko Sentral ng Pilipinas (BSP), the Pacific Asia Travel Association (PATA), and The Asia Foundation to support education, scholarships, and grant initiatives.

It was clarified that out of the multi-year $100-million investment across the region, no exact amount was specifically pledged for the Philippines.

“So it really is incumbent upon us, as a country, to articulate the kind of support we need in order to gain access to these funds. But again, the good thing is that it’s a multi-year commitment of $100 million, which will be available for such efforts,” Navarro said.